As a researcher with a background in economics and finance, I find the recent developments in Bitcoin’s price and the US economic indicators intriguing. Based on the data presented, it appears that Bitcoin is setting strong upside moves due to several factors.
The price of Bitcoin experienced a small uptick on Friday, as its chart patterns indicated some strength. After a breakout earlier in the week, the bulls have regained upward momentum following a brief test of the trendline. Additionally, fresh inflation data has hinted at the possibility of Fed interest rate reductions starting in September.
The data released by the University of Michigan shows that consumer sentiment in the United States improved in May, registering a score of 69.1. Meanwhile, expectations for both short-term (year-ahead) and long-term (5-year) inflation decreased slightly. Inflation anticipations for the upcoming year dropped from 3.5% to 3.3%, while the predicted 5-year inflation rate remained constant at 3%. This is lower than the earlier recorded figure of 3.1%.
The US dollar index (DXY) reached a low of 104.64, representing a decline from its peak at 105. In contrast, the US 10-year Treasury yield dropped to 4.467%. Bitcoin has been moving in the opposite direction, which has alleviated pressure and increased the likelihood of a 25 basis point rate cut by the Federal Reserve according to the CME FedFunds Tool, with an estimated probability of 45%.
Bitcoin Price Sets Strong Upside Moves
As a crypto investor, I’ve noticed an exciting development in the past 24 hours. The price of Bitcoin surged by 3%, reaching a current value of $69,000. The lowest and highest prices within this period were $66,356 and $69,220, respectively. Moreover, there’s been a noticeable increase in trading volume by approximately 7%. This uptick in activity suggests that more traders are showing interest in Bitcoin.
As a crypto investor, I’ve noticed some significant liquidations in the Bitcoin market based on data from Coinglass. In just the last 24 hours, around $22 million worth of short positions were terminated. The majority of these liquidations occurred within the past 12 hours. Over 75,000 traders have experienced liquidation during this period. The largest single order liquidation took place on Binance, with a value of approximately $12.41 million in ETHUSD trading.
As a crypto investor, I keep track of the market by monitoring the buying activity recorded in futures and options contracts. The total open interest for Bitcoin futures has been on the rise across various cryptocurrency exchanges. Specifically, the open interest at the CME Futures exchange reached an impressive $10.46 billion.
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2024-05-24 22:31