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
- Will Crypto Market Rebound or Crash Ahead as 10X Research Tips Shorting Ethereum?
- Sam Bankman-Fried Says FTX Was “Never Bankrupt,” Crypto Community Reacts
- XRP ETF Coming This November 13 As Canary Capital Submits Updated S-1 By Removing Roadblocks
- Canary XRP ETF Filing Removes SEC Delay Clause, Targets November Launch
- CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
- Bitcoin Price Forecast as Trump Cuts Tariffs After US-China Trade Deal
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
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.
