Massive Jump in Bitcoin Price Pushes It Past Key Level
Bitcoin (BTC) has climbed 4.56% over the last 24 hours, and it briefly managed to move above $61K, hitting as high as $61,297 (BTC/USD). The coin has settled since then.
It is now at $60,602 and still well above its recent sub-$60K level. That is important for investors and the sentiment toward Bitcoin. As long as it stays under key levels like $60K, investors will start to lose hope, and the public sentiment will be soured on the token. When Bitcoin performs poorly, consumer confidence weakens, and the crypto market suffers.
With Bitcoin doing well today, we may see the coin shoot up further throughout the week as support ramps up. The token still has a long way to go in order to set a new record high, but it is out of the danger zone for now. At this point, that dangerous zone would be anything below $60K, which would put it in poor standing with casual investors who are not prepared to commit to Bitcoin for the long haul.
Why Is Bitcoin Surging?
All signs point to Bitcoin’s bullish trend as the result of optimistic outlooks for interest rate cuts. Federal Reserve chair Jerome Powell will be speaking this week, and the odds are good that he will say something that points to rate cuts coming soon. The overwhelming majority of analysts believe that those cuts will come in September, especially after positive inflation news made it more likely that the Fed will make a move on rate cuts.
We still do not have anything solid on when the rate cuts are coming and how large they might be, but speculation has the market moving in a positive direction right now. We should hear something on this front this week and have a better idea of when the rate cuts are coming. That news will help drive the market and could push Bitcoin even higher.
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