Bitcoin (BTC) starting on September 14 $59,001 price correction may end soon and trigger a new bullish rally. One of the main reasons for this short-term change is the interest rate cut decision of the US Federal Reserve (Fed), which is expected to be announced on September 18. Also, the leading stablecoin issuer 
$0.480476Tether’s printing of $1 billion worth of USDT on Monday also increased expectations.
Tether’s $1 Billion USDT Printing and Its Impact on the Market
On September 16 at 01:50 UTC, Tether minted $1 billion worth of USDT. In the past, such developments have been seen as a positive sign for the cryptocurrency market and have generally influenced prices upwards.
According to Santiment data, the total supply of Tether (USDT) on exchanges has increased by $8.06 billion since 2024. In the last 24 hours, another 1 billion USDT was added to the stablecoin supply on exchanges.
Interestingly, active stablecoin deposits to exchanges have remained at approximately the same level since 2024, between 9,000 and 14,000.
Could Bitcoin Rise Ahead of Fed Rate Cut?
Starting from September 7, the Bitcoin price increased by 12 percent and reached a local peak on September 14. A correction of approximately 3 percent followed, and BTC is currently trading around $ 58,600. The Fed’s interest rate cut decision, expected on September 18, stands out as an important factor that could affect the price of BTC.
According to the FedWatch tool, the probability of a 50 basis point rate cut is estimated at 59 percent. Regardless of the size of the rate cut, cryptocurrency investors are focused on two possible scenarios:
- Risk-on scenario: The rise of financial markets, whether traditional or crypto. In this scenario, Bitcoin, Ethereum (ETH)
$2,318 and other cryptocurrencies are expected to continue to gain value. BTC could retest $65k and then reclaim $70k as a support level. - Risk-off view: Investors direct their assets to safer instruments such as cash or stablecoins. In this scenario, panic selling may occur in the stock and cryptocurrency markets and prices may fall. The US economy giving signals of recession may strengthen this possibility.
Bitcoin Price Analysis: Recovery Rally Expected
Bitcoin completed a 12% rally, recovering from the falling trendline and the 50-week Exponential Moving Average (EMA). The current correction is likely to stall at the daily support levels of $57,201 and $57,970.
A bounce off these supports could provide the momentum needed for BTC to retest the critical resistance zone between $60,741 and $61,337. Clearing these hurdles could take Bitcoin to $63,987, which would represent a rally of around 10%.
On the other hand, if the price of Bitcoin falls below the $57,201 support level, there could be a 5 percent pullback towards the 50-week EMA at $54,291. If BTC loses the psychological level of $50,000, a larger downtrend could begin.
The Bitcoin market is buoyed by important developments such as Tether’s $1 billion USDT printing and the upcoming Fed rate cut decision. Investors are preparing for possible scenarios and adjusting their positions accordingly. Market dynamics and technical indicators will be critical in determining the direction of BTC in the coming period.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
