Originally published on: October 17, 2024
As Bitcoin continues to hover around the $67,000 mark, traders are keeping a close eye on the Federal Reserve’s potential rate cuts and the impact it could have on the market. Recent data has shown a mixed outlook on US jobless claims, leading to uncertainty about the scale of rate cuts that may be implemented by the Fed in the near future.
While the odds are in favor of a 0.25% rate cut at the November meeting, market confidence has been tempered by the latest statistics. The European Central Bank’s recent 0.25% cut has also added to the cautious sentiment among traders.
With the US presidential election on the horizon, market participants are awaiting key catalysts that could drive Bitcoin and crypto prices post-election. While some believe that the recent short squeeze has run its course, others are optimistic about a potential surge beyond the 2021 all-time high of $69,000.
As traders analyze short-term price action, moving averages and liquidity levels are key indicators to watch. While there is no definitive answer on where Bitcoin will head next, traders are advised to conduct their own research and make informed decisions when trading or investing.
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