Bitcoin (BTC) Rebounds To $70,000 Following Biden’s Optimism On the Feds Lowering Rate Cuts This Year

Bitcoin (BTC) witnessed a minor rebound following US President Joe Biden’s encouraging remarks regarding the likelihood of the Federal Reserve’s rate cut later this year.

After yesterday’s CPI report revealed higher-than-anticipated numbers, with inflation holding steady at 3.5% in March, Biden remarked that the anticipates a rate cut before the end of the year. 

During a press conference in Japan, Biden stated, “I do stand by my prediction that before the year is out, there’ll be a rate cut. This may delay it a month or so, I’m not sure of that.” He also added, “We don’t know what the Fed is going to do for certain, but look, we have dramatically reduced inflation from 9% down close to 3%.”

At press time, Bitcoin (BTC) is trading at $70,548.47, showing a 2.60% increase for the day after plummeting yesterday after the CPI report. The wider crypto market also went up, with the total market cap going up by 2.3% to $2.77 trillion in the past 24 hours.

Although Bitcoin (BTC) is trading above its psychological threshold, Bitcoin (BT has predominantly consolidated below its recent ATH leaving the market on edge regarding its next direction. 

In today’s TradingView post, the strategist’s analysis focused on Bitcoin’s daily session, highlighting a neutral candle with minimal movement in either direction. Despite intermittent volatility, the analyst observed that the overarching pattern aligns with the signal from April 9, suggesting an ongoing stalemate between bullish and bearish sentiments.

Another notable point from Santana is the current price of Bitcoin, which hovers around $70,000. Although this appears substantial, the trading expert indicates that BTC remains below the crypto’s ATH indicating ongoing testing of resistance levels by Bitcoin.