Bitcoin Surges 2% Amid Anticipation of Interest Rate Cuts

Bitcoin Surges 2% Amid Anticipation of Interest Rate Cuts

In a remarkable rebound, Bitcoin’s value soared to $67,510 on April 4th, marking a 2% increase following positive remarks from the US Federal Reserve about potential interest rate easing. This uptick aligns with the optimistic opening of Wall Street, contrasting with a dip in gold prices after they crossed the $2,300 threshold. Jerome Powell, the Federal Reserve Chair, hinted at possible rate cuts before the end of 2024, sparking enthusiasm for riskier investments like cryptocurrencies.

Despite Powell’s optimism, the CME Group’s FedWatch tool indicates a 61% chance of rate cuts by the May or June FOMC meetings, signaling some market skepticism. Additionally, a slight increase in US jobless claims to 221,000, against a 214,000 forecast, further fueled positive market sentiment.

Market analysts are closely observing Bitcoin’s performance, with some highlighting key technical indicators supporting a bullish outlook. The 200-period EMA on the 4-hour chart and a pivotal move of Bitcoin’s RSI across the 50-point mark on the daily time frame suggest potential for continued upward momentum.

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