Bitcoin Tops $65K as Jerome Powell Signals Rate Cuts

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This came after Jerome Powell signaled that interest rates are currently at their peak, adding that he expects at least three cuts toIs Bull Run Over? Bitcoin Price Trapped Inside Bearish Channel Lower interest rates typically favor risk-on assets of the likes of Bitcoin, which is why the most recent price spike is not surprising. Risk assets react in a positive way to excess liquidity.

Earlier today, the cryptocurrency plunged to as low as the $60,900 level due to concerns about high Bitcoin exchange-traded fund outflows following a streak of robust inflows., market participants were also concerned about the Fed's stance on future rate cuts. Some traders hedged their bets since they anticipated that Powell could potentially adopt a more hawkish tone. Now that the rate cut outlook appears to be steady, the Bitcoin price is hitting new intraday highs.

Still, it remains to be seen whether this recovery will be enough for Bitcoin to resume its uptrend. It is worth noting that the largest cryptocurrency is still down 11% from its all-time high of $73,737. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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