Source: Cointelegraph.com NewsKey takeaways:<\/p>\n
Bitcoin holds $95,000 as Fed rate cut odds rise to 60% for June 18 as US economy slumps.
\nBreaking $95,000 could push BTC price toward $100,000, while dropping below $93,000 may bring the $84,000 back into the picture.
\nKey Bitcoin levels to watch remain around the long-term holders\u2019 cost basis. <\/p>\n
Bitcoin (BTC) is once again attempting to break above $95,000 on May 1 as markets price in that the US Federal Reserve might cut rates sooner than expected. Source: Cointelegraph.com NewsKey takeaways: Bitcoin holds $95,000 as Fed rate cut odds rise to 60% for June 18 as US economy slumps. Breaking $95,000 could push BTC price toward $100,000,… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128370"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128370"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128370\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128370"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBTC\/USD daily chart. Source: Cointelegraph\/TradingViewFed rate cut will drive BTC price higher
\nData from Cointelegraph Markets Pro and TradingView showed Bitcoin edging higher hours after dipping below $93,000 following US GDP data that reflected a shrinking economy.\u00a0
\nA contracting economy will likely prompt the Fed to lower rates to stimulate activity sooner than later. This reduces yields on traditional assets like bonds, pushing investors toward Bitcoin and risk-on assets.
\nThe odds of a Fed interest rate cut at the June 18 FOMC meeting have increased over the last week, from 57% on April 30 to 60% on May 1.\u00a0
\nFed target rate probabilities for June 18 Fed meeting. Source: CME FedWatchRate cut expectations have historically been a bullish catalyst for risk-on assets and Bitcoin. For example, Bitcoin rallied more than 20% ahead of the last Fed rate cut on Dec. 18, 2024.
\n\u201cBitcoin surges back toward $95K, rebounding from bearish US GDP data,\u201d said pseudonymous Bitcoin analyst BTCmoonmath in a May 1 post on X, adding:
\n\u201cTraders anticipate a Federal Reserve’s easing and rate cuts in the future, despite a shrinking economy and low consumer confidence.\u201d\u00a0
\nFocus now shifts to how the May 2 jobs report, which reveals how many jobs were added to the US economy in April, will impact the crypto market and, in turn, Bitcoin price.
\nRelated: Bitcoin \u2018aging\u2019 chart projects sixfold BTC price rally above $350K
\nWhat next for Bitcoin price?
\nCurrently, $95,000 is the key level traders are watching, and many analysts believe that a sustained push through the resistance zone above this area opens the door for a swift move higher.
\n\u201cThe price has recently surged above both key technical levels and is now attempting to consolidate within this zone,\u201d Glassnode said in its latest Week Onchain report.
\nThe market intelligence firm referred to the 111-day simple moving average (SMA) at $91,300 and the short-term holder (STH) cost-basis at $93,200. Bitcoin reclaimed these levels in the recent upward swing, highlighting the degree of strength behind the move.
\n\u201cThese are levels that must be broken and held for further price appreciation, as a rejection of this level would push the price back into bearish territory, and return many investors to a state of meaningful unrealized loss.\u201d
\nBTC\/USD chart showing STH cost basis and 111-day SMA. Source: Glassnode\u201cBitcoin is ready to blast through $96,000,\u201d popular analyst AlphaBTC said in his latest analysis on X.\u00a0
\nAccording to the analyst, a decisive break above $95,000 could see BTC move out of consolidation, with the next logical move being toward the $100,000 psychological level.
\n\u201cThis is what I would like to see if Bitcoin can follow through today. A nice big squeeze into the low 100Ks.\u201d
\nBTC\/USD four-hour chart. Source: AlphaBTCConversely, the analyst said that a drop below April 30 lows at $93,000 could see BTC\/USD sink deeper toward the $84,000 and $88,000 range as shown in the chart above.
\nFellow crypto analyst Daan Crypto Trades said added that if price consolidates without rejection and keeps grinding upward, then that should position BTC for a move higher toward the $100K region, he explained to his followers on X.\u00a0
\nBTC\/USD hourly chart. Source: Daan Crypto TradesThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"