For example, Bitcoin rallied more than 20% ahead of the last Fed rate cut on Dec.18, 2024.“Bitcoin surges back toward $95K, rebounding from bearish US GDP data,” said pseudonymous Bitcoin analyst BTCmoonmath in a May 1 post on X, adding:“Traders anticipate a Federal Reserve's easing and rate cuts in the future, despite a shrinking economy and low consumer confidence.” Focus now shifts to how the May 2 jobs report, which reveals how many jobs were added to the US economy in April, will impact the crypto market and, in turn, Bitcoin price.
Bitcoin reclaimed these levels in the recent upward swing, highlighting the degree of strength behind the move.“These are levels that must be broken and held for further price appreciation, as a rejection of this level would push the price back into bearish territory, and return many investors to a state of meaningful unrealized loss.”BTC/USD chart showing STH cost basis and 111-day SMA.
Source: Cointelegraph/TradingViewFed rate cut will drive BTC price higherData from Cointelegraph Markets Pro and TradingView showed Bitcoin edging higher hours after dipping below $93,000 following US GDP data that reflected a shrinking economy. A contracting economy will likely prompt the Fed to lower rates to stimulate activity sooner than later.
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Author / Journalist: Cointelegraph by Nancy Lubale
The story "Bitcoin price about to 'blast' higher as Fed rate cut odds jump to 60%" has 575 words across 20 sentences, which will take approximately 3 - 5 minutes for the average person to read.
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