Despite hawkish remarks from Federal Reserve officials and stronger-than-expected U.S. economic data, which have reduced the likelihood of a Fed rate cut, Bitcoin (BTC) has managed to regain some traction. The cryptocurrency edged slightly higher, reaching around $67,785 and hitting an intraday high of $68,848.
BlackRock’s Bitcoin ETF, IBIT, has become the largest Bitcoin fund with nearly $20 billion in assets under management, further supporting BTC. However, the strengthened US dollar (USD) and ongoing geopolitical tensions may limit Bitcoin’s gains, leading to potential volatility.
Looking ahead, traders will closely monitor the Fed’s Beige Book and John Williams’ speech, along with the upcoming US Core Personal Consumption Expenditures Price Index (Core PCE) release, for further cues on Bitcoin price movements
