CandleFocus Bitcoin Rally to Continue? Big Fed Rate Cut Probability Soars
2024-09-16
Author: Content Editor
The article states that there is a high probability of a rate cut by the Federal Reserve during their scheduled meeting on September 18. According to data from CME FEDWATCH, there is a 63% chance of a 50 basis point rate cut and a 37% chance of a 25 basis point rate cut. The expectation of a rate cut by the Fed has been a key driver for the surge in Bitcoin price this year. Bitcoin experienced a 3.22% decline in the past 24 hours, falling to the $58,560 zone. However, many analysts believe that the upcoming rate cut may allow the Bitcoin rally to continue and reach higher levels this year.
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