Bitcoin
Bitcoin (BTC) News Today: BTC Nears $60K on Fed Rate Cut Hopes, ETF Inflows
German Government BTC Holdings 140724
The German government’s BTC sales and the surge in demand for US BTC spot ETFs coincided with growing bets on a Fed rate cut in September.
Will Fed Chair Powell give the green light for a Fed rate cut in September?
On Monday, July 15, Fed Chairman Powell is scheduled to speak. Recent US Inflation Numbers fueled investor bets on a Fed rate cut in September. According to the CME FedWatch Toolthe odds of the Fed cutting interest rates in September jumped from 77.7% on July 5 to 96.3% on July 12.
The Fed’s interest rate cuts could reduce borrowing costs and boost buyer demand for riskier assets. The US BTC spot ETF market and BTC would likely benefit from a more dovish Fed rate path.
A continued increase in demand for US BTC spot ETFs could signal a BTC breakout above $60,000.
While the US BTC spot ETF market has influenced BTC price trends, the ETH– spot ETF approvals remained pending.
Will the SEC Approve US ETH-Spot ETFs?
The second approved 19b-4 filings for US ETH-spot ETFs in May. However, the SEC has not approved the S-1 forms, meaning that US ETH-spot ETF issuers cannot launch their ETFs.
On Friday, July 12, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas commented on the pending approvals, saying,
“Yes, it’s all quiet on the Western Front right now regarding ETFs. Nothing from the SEC this week. […]. Every issuer is ready. The documents are ready. It’s like a rain delay in baseball. Just wait. Maybe things will move quickly next week. We’ll see…”
However, the crypto community remained optimistic that the SEC will approve the S-1 forms. ETF Store President Nate Geraci he said,
“It seems like the SEC is throwing out spot eth ETF S-1s similar to 19b-4s… Extremely quiet. I still think approval will be next week. Absolutely no reason for delay.”
ETH advanced 1.34% on Saturday, July 13, closing at $3,178.
Investors should remain vigilant despite recent gains. 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 crypto market risk.
Technical analysis
Bitcoin Analysis
BTC hovered above 200 days EMA while remaining below the 50-day EMA. The EMAs sent bearish price signals in the short term but bullish in the long term.
A BTC breakout of the $60,365 resistance level could signal a move towards the 50-day EMA. Additionally, a breakout above the 50-day EMA could put the $69,000 resistance level in play.
On Sunday, sentiment regarding BTC supply and demand and the Fed rate trajectory require consideration.
Conversely, a break below the 200-day EMA could signal a drop below $55,000.
With a 14-day RSI reading of 45.75, BTC could drop to the $52,884 support level before entering oversold territory.