Bitcoin Price: Dips to $70K Amid Rate Cut Speculations

Bitcoin slipped slightly on Thursday, stabilizing after breaking out of a prolonged trading slump. Weak U.S. economic data has heightened expectations of Federal Reserve interest rate cuts, impacting the cryptocurrency market.

In the past 24 hours, Bitcoin decreased by 0.5%, reaching $70,834.5 by 01:30 ET (05:30 GMT). This movement followed its recent breakout from a two-month trading range of $60,000 to $70,000, a range it had been stuck in since mid-March.

Bitcoin Nears Record Highs with ETF Inflows

Bitcoin is now about $3,000 shy of its all-time high recorded in March. The recent price support is attributed to a weakening dollar, as traders anticipate upcoming rate cuts by the Federal Reserve.

U.S.-listed spot exchange-traded funds (ETFs) for Bitcoin saw a surge in inflows this week, pushing the total inflows for the year to approximately $15 billion. May also witnessed four consecutive weeks of inflows into spot Bitcoin ETFs.

Altcoins Mixed as Rate Cut Speculation Grows

Ethereum rose 1.6% to $3,850.43, hovering near recent two-month highs, driven partly by excitement over a potential spot Ether ETF.

The SEC's approval for major U.S. exchanges to list spot ETFs in May has spurred engagement with fund managers on these products.

Broader altcoin performance was mixed this week. While many saw gains amid weak U.S. economic data and bets on a September rate cut, Solana (SOL), Cardano (ADA), and XRP experienced slight declines. Shiba Inu (SHIB) and Dogecoin )both fell by 0.4%.

Optimism about a lower interest rate environment was fueled by the recent rate cut by the Bank of Canada and anticipation of a similar move by the European Central Bank.

Bitcoin's price remains volatile amid economic uncertainties and speculation of central bank rate cuts. Institutional inflows into Bitcoin ETFs boost sentiment, while altcoins show mixed performance. $BTC $ETH $DOGE #ETHETFsApproved #BTC

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