As BTC bulls are showing strength above $60k, bears have started to show interest at the 21-week exponential moving average at $61.2k to take BTC back to the early $60k level. If this doesn’t happen, there is a good chance we will see a Bitcoin all-time high soon.
The rally was further supported by a downward revision in US employment growth data, indicating that the job market from March 2023 to March 2024 was not as robust as initially reported. This has fueled market participants’ hopes for more substantial interest rate cuts from the Federal Reserve.
In the minutes of the FOMC meetings released yesterday, this assumption was strengthened as most Fed members think it is appropriate to lower rates at the next meeting—which will make this the first rate cut since 2020. The market is now giving a 40% chance of a rate cut of 50 bps next month.
