EMC Labs, a cryptocurrency research institution, recently released a report stating that after the Fed's 50 basis point rate cut, the market reacted steadily and 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 18th, BTC pumped 7.54% for the week, closing at $63,577.66 with slightly increased trading volume. The BTC daily candlestick has broken through multiple moving averages, indicating that the market is resolving its differences and forming a trend. In the short term, BTC has already surpassed the 200-day moving average, but it still needs to break through the downtrend line. The important point for judging whether the market can break through the previous high is the range of $64,000 to $66,000. In terms of fund flows, ETF and Stable Coins had a net inflow of $931 million this week, which is a decrease from the previous week but still positive. The supply analysis shows that there is a trend of long-term investors slightly reducing their holdings while short-term investors are increasing their holdings, which is characteristic of the early stage of a Bull Market. The EMC BTC Cycle Metrics indicator is at 0.25, and the Bull Market signal is waiting to be further activated.