đž Bitcoin Hits $62.6K as Fed Makes Rare 0.5% Rate Cuts
đŻ Bitcoin reached a three-week high of $62,600 following the U.S. Federal Reserve's unexpected 0.5% interest rate cut, only the third time in history such a large initial reduction has occurred. This move liquidated $128 million in short BTC positions over 24 hours. Traders are now cautioned to reduce leverage or take profits, with resistance levels around $62,500 and $65,000 being closely watched.
â ïž However, historical data suggests caution for risk assets. Previous instances of 0.5% initial rate cuts in 2001 and 2007 led to significant market declines within two years. Analysts note a potential disconnect between the Fed's positive economic outlook and their crisis-level policy decisions. The crypto market is now eyeing the Bank of Japan's upcoming rate decision, which could influence Bitcoin's price performance through its impact on the yen.
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