During yesterday's trading session, the value of BTCUSD increased by 9% and consolidated above $70 000. Growth resumed due to increased hopes of the U.S. Federal Reserve (Fed) interest rate cuts in June.
Fed officials indicated a three-quarter of a percentage point monetary easing by the end of 2024. This forecast was made in spite of the recent high inflation data in the U.S.
Traders estimate the probability of the Fed starting to cut rates in June at 70%, according to CME Group's FedWatch tool.
Bitcoin prices are rising for the fourth day in a row. Since the beginning of the year, the price of the main digital currency has jumped by about 66%.
In March, the index updated the all-time high several times, the current record is $73 777.
The focus of cryptocurrency trading has shifted to the U.S. with the launch of bitcoin exchange-traded funds, which have drawn more than $11 billion in net inflows since their January 11 debut. The new demand from bitcoin-ETFs has been the main driving force behind the largest cryptocurrency's historic rally this year.
According to Bloomberg, last week, the outflow from bitcoin-ETF exchange-traded funds amounted to about $900 million. This caused a correction in the cryptocurrency market. However, analysts of the agency note an opportunity for further growth in bitcoin price.
From a technical point of view, BTCUSD quotes are forming a new uptrend on the H4 timeframe. The cryptocurrency price has rolled back from the support of the ascending channel, targeting the trend resistance. Positive indicators of the Bulls Power indicator (standard values) indicate an upward price trend.
Signal:
The short-term outlook for BTCUSD is to buy.
The target is at the level of 80 000.
Part of the profit should be fixed near the level of 73 800.
A Stop-loss should be placed at the level of 62 200.
The bullish trend has a short-term character, so the trade volume should not be more than 2% of your balance.
This content is for informational purposes only and is not intended to be investing advice.
