Bitcoin’s Testing $65K Resistance as FED Eyes New rate-cut

Aug 26, 2024 thejournalbiz

Fed Chair Powell’s rate-cut signal lifted a range of assets.

US Bitcoin ETFs achieved a seven-day run of net inflows

Tweet on BTC price fluctuation

Bitcoin’s Testing $65K Resistance as FED Eyes New rate-cut.#BTC #bitcoin #feds #inflation pic.twitter.com/OIjrUiVrSc

— The_Journalbiz (@the_journalbiz) August 26, 2024

Bloomberg chart

Bitcoin touched $65,000 for the first time in about three weeks, aided by reviving demand for dedicated US exchange-traded funds amid signs that the Federal Reserve is set to loosen monetary policy.

The largest digital asset rose as much as 1.2% to $65,030 on Monday before dipping back to $63,780 as of 9:19 a.m. in New York.

The cryptocurrency advanced 7.4% last week, the sharpest increase for such a period since mid-July.

Fed Chair Jerome Powell on Friday gave the clearest indication yet that the central bank is on course to cut benchmark rates from a more than two-decade high, portending a more favorable liquidity backdrop for global markets.

Powell’s signal spurred a $252 million net inflow the highest in more than a month into a group of one dozen US spot-Bitcoin ETFs the same day, data compiled by Bloomberg show. The funds have attracted inflows for seven straight days. Investment products holding Ether saw $36 million in net outflows last week, according to data compiled by CoinShares.