Bitcoin
Bitcoin (BTC) News Today: US BTC-Spot ETFs and Fed Rate Cut Bets Drive Market
“Meanwhile, IBIT et al. continue to devour btc like Super Pac-Man. Impressive given the price is still below 60k after a 20% drop.”
Growing investor bets on a Fed rate cut in September have boosted demand for BTC.
Fed rate cut bets fuel demand for BTC
On Friday, headline U.S. producer price figures beat forecasts. However, key subcomponents signaled a possible return to disinflation.
According to CME FedWatch ToolThe odds of a Fed rate cut in September rose from 77.7% on Friday, July 5 to 96.3% on Friday, July 12.
Rising expectations of a Fed rate cut in September have boosted demand for spot BTC ETFs, offsetting BTC sales by the German government.
Despite concerns about supply, investors should remain vigilant. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay informed with our latest news and analysis to manage crypto market risk.
Technical analysis
Bitcoin Analysis
BTC remained below 50 and 200 days EMAsconfirming the downward price trends.
A BTC break above the 200-day EMA would support a move towards the $60,365 resistance level. Furthermore, a BTC break above the $60,365 resistance level could give the bulls a run at the 50-day EMA.
On Saturday, investor sentiment regarding the Fed rate path and demand trends for US BTC spot ETFs demand consideration.
On the other hand, a drop below $55,000 could give the bears a run for the $52,884 support level.
With a 14-day RSI reading of 39.52, BTC could dip below the $55,000 mark before entering oversold territory.