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Encryption bull rush 🐂 – BTC, ETH & XRP look forward to the next step of the risk appetite wave Bitcoin surpasses $117,000 after the Federal Reserve's dovish interest rate announcement and dot plot. Despite slight outflows from the ETF, Ethereum remains at $4,600. As the XRP bull market regains control, they are seeking the historical high of $3.66. Bitcoin (BTC) surpassed $117,000 on Thursday, as optimism in the encryption market grew. Other currencies that rose in sync with BTC include Ethereum (ETH) and Ripple (XRP), which are set for short-term breakouts towards their respective all-time highs. Due to the worsening job market, rising unemployment rates, and stubborn inflation, 11 out of 12 FOMC members accepted a 25 basis point rate cut, lowering the benchmark interest rate to 4.00%–4.25%. Today's chart: Bitcoin is close to $120,000 Risk appetite sentiment drives Bitcoin above $117,000 as investors prepare for the impact of anticipated interest rate cuts on risk assets. Will BTC continue to rise to the historical highest point of $124,474 on August 14, which will be tested by traders seeking SuperTrend buy signals. If investors take profits early, attention may shift to uncertain support levels, such as the 50-day EMA of $113,804 and the 100-day EMA of $111,613. Daily BTC/USDT Chart Ethereum and XRP may reach an all-time high. Ethereum is close to breaking through the descending trend line barrier that has been in place since August 24, when it reached $4,956. The main upward trend support comes from the 50-day EMA at $4,229, the 100-day EMA at $3,786, and the 200-day EMA at $3,327. Daily ETH/USD Chart However, the Ethereum spot exchange-traded funds (ETFs) experienced a slight outflow of $1.89 million on Wednesday, continuing the negative trend from Tuesday. If institutional investors remain on the sidelines and limit their risk exposure, a significant rise above $5,000 may be unlikely. Ethereum may be more inclined to break below the 50-day EMA support around $4,229 to gather more liquidity before making the next move. If we break through the next major obstacle tested last Saturday at $3.18, it will increase the likelihood of positive outcomes towards $3.50 and the all-time high of $3.66.