US Fed Rate Cut on Radar, Will Bitcoin (BTC) Breakout In August?

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US Fed Rate Cut on Radar, Will Bitcoin (BTC) Breakout In August? - CoinGape

Quick Summary:

After a successful Bitcoin conference last weekend, this week be crucial for Bitcoin and the broader crypto market as the US Federal Reserve will announce its interest rate decision on July 31. The bitcoin price is showing strength trading nearly 15% up on the monthly chart and moving closer to $70,000.

Also Read: Bitcoin Price Dips to $67K Despite Pro-Crypto Remarks from Trump, More Correction Ahead?

As per the CME data, the probability of keeping interest rates unchanged in the next Fed meeting is 96%, however, the probability of 25 bps rate cuts in September is 85.8%.