Bitcoin Rises as New Data Raises Hopes for Early Fed Rate Cut
Bitcoin price rose slightly on Friday as the chart pattern of the top cryptocurrency strengthened. BTC price saw a breakout pattern earlier this week and following a retest of the trend line, the bulls are regaining upward momentum. Meanwhile, new inflation outlook data showed that the Fed increased interest rate cuts starting from September.
University of Michigan Consumer Confidence and 5-Year Inflation Expectations data were positive regarding the US economy. While consumer confidence in the US rose to 69.1 in May, inflation expectations for next year fell from 3.5% to 3.3%, and the five-year inflation outlook remained unchanged from April and below a previous reading of 3%. remained stable. 3.1%.
In conclusion, US dollar index (DXY) fell from 105, the highest level of the dollar index, to 104.64. US 10-year Treasury yield also fell to 4,467%. The pressure has eased as Bitcoin moves against the DXY and Treasury yields, and the CME FedFatch Tool shows a 45% chance of a 25 basis point rate cut in September.
Bitcoin Price Sets Strong Upward Moves
BTC price has increased by 3% in the last 24 hours and the price is currently trading at $69,000. The 24-hour low and high are $66,356 and $69,220 respectively. Additionally, the transaction volume increased by 7% in the last 24 hours, indicating increased interest from investors.
Coinglass data shows that $22 million worth of Bitcoin short positions were liquidated in the last 24 hours, with the most liquidations occurring in the last 12 hours. More than 75,000 investors have been liquidated in the past 24 hours; The largest single order liquidation occurred on Binance, with some ETHUSDC valued at $12.41 million.
The buying is being recorded in futures and options, increasing total BTC Futures open interest on crypto exchanges. CME Futures OI increased to $10.46 billion.
So read:
✓ Share:
Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Bitcoin #Rises #Data #Raises #Hopes #Early #Fed #Rate #Cut