Reasons Why Bitcoin Price Is Pumping Up
Bitcoin price hit a high of $64,955 after Federal Reserve Chair Jerome Powell gave his strongest signal on Fed rate cuts. This triggered an upside momentum in the broader crypto market, with the market cap jumping more than 4% to $2.27 trillion.
Altcoins including ETH, SOL, XRP, DOGE, and other leading crypto also witnessed significant recovery on massive rebound in sentiment. Crypto Fear and Greed Index rebounded from fear (34) to greed (56) in just a day.
Reasons Why Bitcoin Price Is Going Up Today
Bitcoin bulls strongly targeted the $62,000 level this month. BTC price saw a 5% uptrend in the last 24 hours, with the price almost hitting $65,000. Here are the top 5 reasons why Bitcoin price is rising and may rally to a new all-time high in the coming months.
Sentiment Rebound Following FOMC and Jackson Hole Event
Positive hints of Fed rate cuts from the FOMC Minutes and Fed Chair Jerome Powell speech at the Jackson Hole Symposium were primary factors behind the sudden upsurge in Bitcoin price.
Dovish comments from Fed officials such as Neel Kashkari, Alberto Musalem, Raphael Bostic, and Mary Daly and their affirmation on starting Fed rate cuts earlier this week triggered cautious buying by investors. They also agree on potential rate cuts starting in September.
While Powell didnât provide exact indications on the timing or extent of rate cuts, he affirmed that itâs time for a monetary policy pivot amid slowing inflation and weakening of the US labor market. He also added that the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.
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