ETFs

Bitcoin (BTC) News Today: US BTC-Spot ETFs, Fed Rate Cut Bets Boost Market

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“Meanwhile, IBIT et al. continue to gobble up bitcoin like Super Pac-Man. Impressive considering the price remains below $60,000 after a 20% drop.”

Growing investor bets on a Fed rate cut in September have boosted demand for BTC.

Bets on Fed Rate Cut Fuel BTC Demand

U.S. producer prices beat expectations on Friday. However, key subcomponents signaled a possible return of disinflation.

According to CME FedWatch ToolThe chances of a Fed rate cut in September increased from 77.7% on Friday, July 5 to 96.3% on Friday, July 12.

Rising expectations of a Fed rate cut in September have boosted demand for BTC-spot ETFs, offsetting BTC sales by the German government.

Despite the easing of supply concerns, investors should remain vigilant. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up-to-date with our latest news and analysis to manage cryptocurrency market risk.

Technical analysis

Bitcoin Analysis

Bitcoin remained below 50 days and 200 days EMAconfirming downward price trends.

A BTC break above the 200-day EMA would favor a move towards the $60,365 resistance level. Moreover, a BTC break above the $60,365 resistance level could give the bulls a chance to reach the 50-day EMA.

On Saturday, investor sentiment towards the Fed rate path and demand trends for US spot BTC ETFs should be considered.

On the other hand, a drop below $55,000 could give the bears a chance to reach the $52,884 support level.

With a daily RSI reading of 39.52, BTC could fall below the $55,000 mark before entering oversold territory.

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