Sign Up on MEXCUS Inflation News: Bitcoin Rises As New Data Raises Hopes For Early Fed Rate Cuts
Highlights
- Bitcoin price rises upside strongly as inflation outlook data has raised of Fed rate cuts starting September.
- University of Michigan Consumer Sentiment and 5-Year Inflation Expectations data was positive for the U.S. economy.
- BTC price rises above $69,000 as traders look for more upside.
Bitcoin price recorded a slight upside move on Friday as the top crypto’s chart pattern strengths. BTC price saw a breakout pattern earlier this week and the bulls are again gaining upside momentum after a retest of the trendline. Meanwhile, a new inflation outlook data has raised of Fed rate cuts starting September.
The University of Michigan Consumer Sentiment and 5-Year Inflation Expectations data was positive for the U.S. economy. The consumer sentiment for the US came in higher at 69.1 in May. Whereas, inflation expectations for the year-ahead declined to 3.3% from 3.5% and five-year inflation outlook was steady at 3%, unchanged from April and below an earlier reading of 3.1%.
As a result, the US dollar index (DXY) dropped to a low of 104.64, fell from the high dollar index of 105. The US 10-year Treasury yield also fell to 4.467%. As Bitcoin moves opposite to DXY and Treasury yields, the pressure has eased and CME FedFatch Tool indicates a 45% odds of 25 bps rate cuts in September.
Bitcoin Price Sets Strong Upside Moves
BTC price jumped 3% in the past 24 hours, with the price currently trading at $69,000. The 24-hour low and high are $66,356 and $69,220, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
Coinglass data indicates $22 million in Bitcoin short positions were liquidated in the last 24 hours, with the most liquidation happening in the last 12 hours. Over 75K traders were liquidated in the past 24 hours, with the largest single order liquidation happened on Binance as some traded ETHUSDC valued at $12.41 million.
Buying is recorded in futures and options, with total BTC Futures open interest rising across crypto exchanges. The CME Futures OI increased to $10.46 billion.
Also Read:
- 3 Major Crypto Trends To Watch During US Memorial Day Holiday
- BONK Price Soars As Coinbase Lists Solana Meme Coin After XRP
- Elon Musk Tears Crypto X With Dogecoin And Harambe Post
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
