Originally published on: October 17, 2024
Bitcoin traders are closely monitoring the market as the price of BTC hovers around $70,000 amidst uncertainty surrounding Federal Reserve rate cuts. The recent spike in Bitcoin price to $68,400 has been followed by a slight dip as jobless claims data in the United States raised concerns over potential rate cuts.
Despite mixed US unemployment data, with new jobless claims below expectations and ongoing claims slightly higher than predicted, market confidence has wavered regarding the Federal Reserve’s upcoming decisions. The odds currently suggest a 0.25% rate cut at the Fed’s November meeting, according to CME Group’s FedWatch Tool.
As traders speculate on the impact of the US presidential election and the Federal Reserve’s next moves, opinions on BTC price action remain divided. While some believe that the recent short squeeze has run its course, others anticipate a potential surge past the 2021 all-time high of $69,000.
With attention turning to macroeconomic factors and market catalysts, including the US election, Bitcoin traders are keeping a close eye on key moving averages and technical indicators to gauge the market sentiment. As the crypto market continues to evolve, traders are advised to conduct their own research and exercise caution when making investment decisions.
For more insights and analysis on market trends, subscribe to our Markets Outlook newsletter for weekly updates on investment opportunities and trading strategies. Stay informed and stay ahead of the curve in the ever-changing world of cryptocurrency trading.
