Revitalized by US President Joe Biden’s optimistic outlook on the Federal Reserve’s potential rate cut shortly, Bitcoin (BTC) experienced a slight resurgence.
Following the release of yesterday’s CPI report, which showed a surprising 3.5% inflation rate for March, President Biden made a bold statement. He declared that he expects a rate cut to happen before the year is over.
At a press conference in Japan, Biden said, “I do stand by my prediction that before the year is out, there’ll be a rate cut. This may delay it a month or so, I’m not sure of that.” He also added, “We don’t know what the Fed is going to do for certain, but look, we have dramatically reduced inflation from 9% down close to 3%.
Bitcoin is on a rollercoaster ride, currently soaring at a staggering $70,548.47. After a heart-stopping dip yesterday following the release of the CPI report, it has rebounded with a 2.60% increase today. And it’s not the only one on the rise – the entire crypto market is seeing green, with a 2.3% jump in the total market cap to a whopping $2.77 trillion within just 24 hours.
Revolutionary digital currency Bitcoin (BTC) has surpassed its psychological threshold, but its recent consolidation below its all-time high (ATH) has left the market on edge, eagerly anticipating its next move.
The latest TradingView update delves into the intricate details of Bitcoin’s daily session. With bated breath, the strategist dissects a seemingly uneventful neutral candle, revealing a tense tug-of-war between the bulls and bears. Amidst sporadic spikes in volatility, the astute analyst uncovers a striking similarity to a previous signal from April 9, hinting at a prolonged deadlock between opposing market sentiments.
Exclusive: Analysts expect MicroStrategy stock to rise 16%
Pantera Capital crypto fund saw a 66% profit with Solana and altcoins
Net $203 million daily inflows into Bitcoin ETFs, halving looms ahead
Bitcoin’s current price of $70,000 has caught the attention of many, but according to Santana, a renowned trading expert, there’s more to this number than meets the eye. Despite its seemingly impressive value, BTC is still below its all-time high, suggesting that it’s still in the midst of a fierce battle with resistance levels. Think of it as a high-stakes game of tug-of-war between Bitcoin and the market.