Bitcoin (BTC) recently halted its losing streak and gained mild bullish traction around $61,500, reaching an intraday high of $62,150, suggesting chances of a bullish Bitcoin price prediction.
This upward trend is linked to softer US macroeconomic data, which increased speculation about an impending Federal Reserve rate-cutting cycle this year, prompting a short-covering rally in BTC prices.
Moreover, BTC gained further momentum as Donald Trump extended his lead over Joe Biden in betting markets during the June 27 presidential debate, boosting investor confidence.
However, gains in BTC may be short-lived as Bitcoin ETF outflows hit $1.3 billion, indicating reduced investor interest and potential downward pressure on prices.
US Economic Indicators and Fed Signals on Bitcoin
On the US front, softer macroeconomic data released on Thursday fueled expectations for the Federal Reserve to begin cutting interest rates this year. This speculation sparked a rally in Bitcoin prices as investors covered short positions.
