Btc Flat As Focus Shifts To Rate Cut

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Btc Flat As Focus Shifts To Rate Cut

Bitcoin (Btc) Flat Near $64,000, Focus Shifts To Rate Cut

The price of Bitcoin (BTC) remains almost flat, around $64,000, as the rebound has lost its momentum. However, the optimism regarding the rate cut by the US Federal Reserve has increased.

So, the increased chances of a rate cut have allowed Bitcoin (BTC) to trade near a 1-month high. And once the rate cut is delivered, we can expect more upside in Bitcoin (BTC) and other cryptocurrencies. Meanwhile, the US Dollar has sunk to its 13-month lows, which has also helped the crypto prices.

Bitcoin (Btc) Down By -0.5% On Monday

Overall, the cryptocurrencies registered gains on Friday but are flat or showing a little selling on Monday. This comes after Powell's comments that the central bank is getting ready to cut the rates.

As of now, Bitcoin (BTC) is trading at nearly $63,737 with a -0.5% change for the day. The next bullish targets for Bitcoin (BTC) are $65K, $70, and then $72K.

The price action of the last two days shows that Bitcoin (BTC) and other cryptocurrencies have welcomed the rate cut comments from Powell.

Now, the traders are gearing themselves for the upcoming rate cuts. The only thing that's not certain is whether the rate cut will be 25 bps or 50 bps.

According to experts, the upcoming PCE price index will be an important release as the Fed uses it to gauge the inflation levels.

In general, lower interest rates are good for cryptocurrencies as they free up a lot of liquidity that can find its way into other sectors.

Overall, things are looking really good for Bitcoin (BTC) and the cryptocurrency market as a whole.

If other central banks around the world also join the Federal Reserve in lowering the rates, it would propel Bitcoin (BTC) even higher. On the way down, the $60,000 is an important support level that can stop the Bitcoin (BTC) bears.

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