According to Odaily Planet Daily, Bloomberg analyzed that Bitcoin broke through the $71,000 mark and rose for the fifth consecutive trading day, reflecting the global market's increased confidence in the Fed's interest rate cut prospects this year. After data showed slowing inflation and a weakening job market in the United States, traders expect the Fed to cut interest rates as early as November. Some U.S. Treasury yields saw their biggest two-day drop this year, and the easing of the financial environment could help speculative assets such as cryptocurrencies.

"Crypto assets have responded positively to lower interest rates," Tom Couture, vice president of digital asset strategy at Fundstrat Global Advisors, said in a report. In addition, the short-term 30-day correlation between Bitcoin and the Nasdaq 100 Index of U.S. tech stocks is about the highest level since early 2023, suggesting that further gains in the index could be accompanied by higher Bitcoin.