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US Inflation News: Bitcoin Rises As New Data Raises Hopes For Early Fed Rate Cuts

US Inflation News: Bitcoin price rises as new consumer sentiment and inflation data raises hopes of Fed rate cuts in September.
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US 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.

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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.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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