Bitcoin (BTC) Surges 4.56% Ahead of Jerome Powell Speech as Rate Cut Odds Improve
- WBOYOriginal
- 2024-08-20 21:10:11437browse
Bitcoin (BTC) has climbed 4.56% over the last 24 hours, and it briefly managed to move above $61K, hitting as high as $61,297 (BTC/USD).
output: Bitcoin (BTC) price increased by 4.56% in the last 24 hours and briefly rose above 61 thousand dollars (BTC/USD) to $ 61,297. The price has dropped since then.
BTC, which is currently traded at $ 60,602, is well above the recent price level below 60 thousand dollars. This is important for investors and their opinions about Bitcoin. Because as long as the prices remain below critical levels such as 60 thousand dollars, investors' hopes remain alive and the public's opinions about the token are positive. When Bitcoin performs poorly, consumer confidence weakens and the crypto market is negatively affected.
WhileBitcoin is performing well today, we can see that prices may rise further with investor support throughout the week. The token still has a long way to go to reach a new record high, but for now it is out of the danger zone. At this point, the danger zone will be any price level below $60 thousand, which will put Bitcoin in a low position among ordinary investors who are not ready to invest in it for the long term.
Why Is Bitcoin Rising?
All signs attribute Bitcoin's bull trend to interest rate cut expectations. Federal Reserve Chairman Jerome Powell will speak this week and will likely say something indicating interest rate cuts. The vast majority of analysts believe these cuts will come in September, especially after positive inflation news makes it even more likely that the Fed will take a step toward interest rate cuts.
There is still no clear information about when the interest rate cuts will come and how big they will be, but speculations are currently affecting the market positively. We should hear something about this within the week and have a better idea of when rate cuts will come. This news will help drive the market and push Bitcoin even higher.
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