CryptoQuant noted that the price of Bitcoin rose nearly 8% after the US Federal Reserve cut interest rates by 50 basis points. Its "supply of earnings" indicator has broken through the 365-day moving average, indicating that further gains are possible in the future. The indicator shows that a growing number of bitcoin holders are in a profitable position, which may ease selling pressure and boost market confidence. However, Bitfinex analysts cautioned caution, noting that Bitcoin's rally was initially driven by cash market purchases, but a slowdown in this activity could lead to a consolidation or partial pullback in the short term.