Bitcoin is trading at $70,950 with a 0.59% gain in morning trading. The price is trading in a horizontal channel between $75,760 and $60,800. Yesterday, although it rose to $71,000, it did not last. In case of a pullback, $69,000 could act as support. Resistance is around $71,000. Closings above $71,500 are required for an increase. US economic data increased expectations that the Fed might cut interest rates. There were record inflows into Bitcoin ETFs and the price rose to $71,000. In the last 24 hours, Bitcoin gained 2.5% and closed at $70,530. When the Job Opportunities and Personnel Turnover Rate (JOLTS) data came in below expectations, the possibility of the Fed cutting interest rates became stronger. This situation had a positive impact on Bitcoin by increasing risk appetite. The rapid rise of the cryptocurrency to $70,000 strengthened expectations for a record high.

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