The US Federal Reserve's decision to cut interest rates could significantly influence Bitcoin's price trajectory, according to market analyst Carlo Pruscino from CMC Markets. He stated that if the Fed implements two further rate cuts sooner than anticipated, it may create upward pressure on Bitcoin and other cryptocurrencies. Pruscino highlighted that traders are eyeing a psychological target of $112,000 for Bitcoin, which comes after it reached a recent all-time high of $111,970 before dropping to $102,766.
Pruscino emphasized that while there is sufficient data for the Fed to make a decision, uncertainties remain—particularly regarding US tariffs mandated by President Trump. "They need clear evidence regarding trade and tariff policies to make a confident move," he commented.
Market participants are currently betting that the Fed will hold interest rates steady in its upcoming review on June 18, with 97.5% of respondents in CME’s FedWatch Tool predicting rates will remain between 4.25% and 4.50%.
The US jobs report, which will be released by the Bureau of Labor Statistics on June 6, is poised to be a crucial indicator for both Fed policy and Bitcoin's price movements. A strong jobs report could delay the likelihood of a rate cut, while disappointing figures might reinforce expectations for monetary easing. Traders will be closely watching to see if job numbers significantly exceed analysts' expectations.
Pruscino emphasized that while there is sufficient data for the Fed to make a decision, uncertainties remain—particularly regarding US tariffs mandated by President Trump. "They need clear evidence regarding trade and tariff policies to make a confident move," he commented.
Market participants are currently betting that the Fed will hold interest rates steady in its upcoming review on June 18, with 97.5% of respondents in CME’s FedWatch Tool predicting rates will remain between 4.25% and 4.50%.
The US jobs report, which will be released by the Bureau of Labor Statistics on June 6, is poised to be a crucial indicator for both Fed policy and Bitcoin's price movements. A strong jobs report could delay the likelihood of a rate cut, while disappointing figures might reinforce expectations for monetary easing. Traders will be closely watching to see if job numbers significantly exceed analysts' expectations.
