According to CoinGecko data, Bitcoin has shown an impressive rise in the last 24 hours, rising from $63,680 to a daily high of $65,743 before stabilizing at $65,328 at the time of writing.

This leading cryptocurrency needs to climb another 11.2% to reach its all-time high of $73,737. Bitcoin appears to have entered a technical bull market, rising more than 23% from its monthly low.

There are many potential catalysts for Bitcoin to reach new highs; The most important among these is the 50% basis point interest rate cut by the US Federal Reserve. This discount generally benefits risky assets like Bitcoin.

Additionally, according to the Polymarket survey, traders expect Bitcoin to reach a new high this year; 66% of participants predict that this rise will continue.

In addition, Bitcoin’s Fear and Greed Index increased from its neutral level of 50 to 61 as of yesterday, indicating that the market has now entered a state of greed. Traders are more likely to buy more.

At the same time, data reveals that institutional funds are starting to flow into spot Bitcoin ETFs. According to SoSoValue, there have been more than $600 million inflows into spot ETFs over the past four days, bringing the total amount to $18.31 billion.

Bitcoin balances on exchanges have also fallen to a new low, indicating that many investors are transferring their coins to their own wallets. As of September 27, 2.34 million Bitcoins were held on exchanges; This is down from the yearly high of 2.7 million Bitcoins.

With the increasing bullish sentiment around Bitcoin, popular meme coins have also made significant gains, with many posting double-digit gains. The total market value of meme coins increased by 16.5% in the last 24 hours, reaching $54.9 billion.

Ethereum-based meme coin Pepe was the biggest gainer in the crypto market on September 27, rising 16.7%; The price rose to $0.0000104, returning to levels seen in early August.

Meme coin’s daily trading volume made a huge jump at around $2.3 billion, while its market capitalization was recorded at $4.37 billion. Shiba Inu, Floki, and Brett also participated in the meme coin rally, posting impressive gains of 16.3%, 15.4%, and 13.8% respectively.

When Bitcoin performs well, this increases investor confidence and increases interest in alternative coins, especially meme coins. This can create a positive cycle as rising prices attract more investors, triggering further price increases.