đšBitcoin Price Pumps Back Above $67,000,đ¶ Up 10% from Intra-day Lows Following Dovish Fedđđ
đ°The Bitcoin (#BTCđ„đ„đ„đ„ ) price is pumping in wake of the latest Fed policy announcement, which saw the bank leave interest rates unchanged at 5.25-5.5% for a fifth successive meeting and continue to forecast three rate cuts in 2024.
Bitcoin was last trading above in the mid-$67,000s, up around 9% on the day. The BTC price has now bounced over 10% from earlier session lows under $61,000.
đ¶Markets appear to be rallying amid relief that, despite recent hotter-than-expected US inflation figures and activity data, the Fed remains set on cutting interest rates three times later this year.
đŁThat sent the US dollar and US yields tumbling, while the S&P 500 jumped 1% to new record levels.
Thatâs a great macro backdrop to help the Bitcoin price regain its footing.
Bitcoin has struggled recently amid a wave of profit-taking-related sell pressure since hitting record highs above $73,000 last week.
âWhere Next for the Bitcoin Price?
Bitcoinâs stunning recovery from intraday lows sends a strong message that the bulls are not down and out.
With macro tailwinds coming back three weeks out from the halving, and net spot Bitcoin ETF inflows likely to pick, Bitcoin could be set for a quick push back to its record highs in the $73,000s.
Wednesdayâs close will be important. The Bitcoin price needs to confirm a breakout above its recent downwards trend channel.
đThat would signal a potential end to the recent bearish trend. While it does appear to have broken the downtrend, a close above $67,000 would greatly boost bullish confidence.
Shallower corrections in a post spot Bitcoin ETF launch world, where the asset class is generally also more mature, makes a lot of sense.
Wednesdayâs sub- â $61,000 lows could well have been it for the latest pullback. The next stop could easily be a retest of record highs.
All said, Bitcoin remains very much on course to hitđČ100,000 this year or next.
