Bitcoin experienced a significant 6% price increase over the past 24 hours following a volatile period that saw the cryptocurrency dip below $60,000. The surge came as traders reacted to the Federal Reserve’s decision to lower benchmark interest rates by 50 basis points, a move that many believe could signal the start of an easing cycle by the U.S. central bank.
During U.S. trading hours, Bitcoin reached its highest price this month at $63,800 before encountering resistance and retracing slightly to just above $63,000. The market reaction to the Fed’s interest rate cut suggests that investors are closely monitoring central bank policies and their potential impact on the cryptocurrency market.
As Bitcoin continues to demonstrate strong price movements in response to macroeconomic events, traders and analysts are closely watching for further developments that could influence the digital asset’s value. The cryptocurrency remains highly sensitive to external factors, making it a key indicator of market sentiment and investor confidence.
