Bitcoin Surges Above $60,000: What to Watch After Fed's Jumbo Rate Cut
Bitcoin has edged up 0.5% Wednesday afternoon, slightly surpassing $60,000, following the Federal Reserve's significant policy intervention. The Fed's decision to reduce its key policy rate by half a percentage point marks the first cut since March 2020 and the largest since 16 years ago.
Market strategist Joel Kruger from LMAX Group views this move as a potential catalyst for Bitcoin, suggesting it could lead to a weaker U.S. dollar and increased inflationary pressures. As investors adjust to these changes, the focus will shift to the potential magnitude of upcoming rate cuts.
Furthermore, David Lawant from FalconX emphasizes monitoring economic activity indicators which are crucial for the market's next steps. A technical analysis highlights the need for Bitcoin to break past $65,000 to signal a significant upward movement, potentially pushing it towards new record highs.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.