Key Takeaways:
-
Bitcoin holds $ 95,000 as Fed Rate Cut ODDs rose 60% for June 18 as the US economy collapsed.
-
Breaking $ 95,000 could push BTC prices to $ 100,000, while falling below $ 93,000 could return $ 84,000 to the picture.
-
The basic levels of Bitcoin to watch will remain around the long -term cost of the holder.
Bitcoin (BTC) again attempts to break more than $ 95,000 on May 1 as a price of markets that can be cited by US Federal Reserve rates earlier than expected.
Fed Rate Cut will drive a higher BTC price
Data from Cointelegraph Markets Pro and Tradingview Bitcoin showed up a higher time after sinking below $ 93,000 following US GDP data reflecting an economic backbone.
A contracting economy is likely to motivate the Fed at lower rates to stimulate activity earlier than the latter. It reduces produce in traditional properties such as bonds, which drives investors towards Bitcoin and risk assets.
The odds of a fed interest rate cut down on the June 18 FOMC meeting increased last week, from 57% on April 30 to 60% on May 1st.
The rate of cutting expectations has historically become a bullish catalyst for risks-on assets and bitcoin. For example, Bitcoin rallied more than 20% leading the final Fed rate cut on December 18, 2024.
“Bitcoin returns to $ 95K, which is rebounding from US GDP's GDP data,” Says Pseudonymous bitcoin analyst btcmoonmath in a post of May 1 in X, adding:
“Entrepreneurs are expecting emerging and reducing federal rates in the future, despite a backdrop of economic and low consumer confidence.”
The focus is now changing in how the May 2 work report, showing how much jobs added to the US economy in April, will affect the crypto market and, in turn, the price of bitcoin.
Related: Bitcoin 'Aging' Chart projects 'Aging' Six BTC Rally prices above $ 350K
What's next for the price of bitcoin?
Currently, $ 95,000 is the main level of businessman watching, and many analysts believe that a long push through the resist zone above this area opens the door for a quick move.
“The price has recently grown above both the basic technical levels and is now trying to combine -combined within this zone,” Glassnode said in the latest Week of Onchain Report.
The market intelligence firm is defined in the 111-day Simple Moving Average (SMA) at $ 91,300 and the short-term holder (STH) cost-basis at $ 93,200. Bitcoin took these levels to the recent upward swing, featuring the level of strength behind the move.
“These are the levels that should be broken and held for further price appreciation, as a decline in this level will push the price back to the bearish territory, and bring back many investors to a state of significantly unlucky loss.”
“Bitcoin is ready to explode by $ 96,000,” popular analyst Alphabtc Says In his latest review of X.
According to the analyst, a decisive rest above $ 95,000 could see the BTC's release, with the next logical move towards the $ 100,000 psychological level.
“This is what I would like to see if Bitcoin can be followed today. A nice big squeeze in the low 100ks.”
Conversely, the analyst said a fall below April 30 lows to $ 93,000 could see BTC/USD zinc deeper towards $ 84,000 and $ 88,000 ranges as shown in the chart above.
Crypto's fellow Analyst Daan Crypto Trades said that if the price was combined without refusal and continued grinding upward, then it should position the BTC for a move higher towards the region of $ 100k, he Explained to his followers of X.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
