The latest report of EMC Labs, a cryptocurrency research institution, pointed out that after the Federal Reserve cut interest rates by 50 basis points, the market reaction was generally stable, and Bitcoin (BTC) may be entering the second half of the bull market. The report shows that in the first week after the US interest rate cut on September 18, BTC rose by 7.54% all week to close at $63,577.66, which can be slightly enlarged. BTC daily line has broken through multiple moving averages, showing that the market is coming out of the divergence and forming a trend. In the short term, BTC has stood on the 200-day moving average, but it still needs to break through the downward trend line. 64,000 - 66,000 dollars is an important point to judge whether the market can break through the previous high. In terms of capital flow, ETFs and stablecoins saw a net inflow of $931 million this week, although it decreased from the previous week, but it still remained positive. Supply analysis shows that the market has a "long-term into short" phenomenon, long-term investors have begun to reduce their holdings slightly, and short-term investors have increased their holdings, which is in line with the characteristics of the early bull market. EMC BTC Cycle Metrics indicator is 0.25, and the bull market signal needs to be further activated.