By ForexTime
Bitcoin along with other cryptocurrencies seem to be supported by the prospect of lower US interest rates in 2024. But another major factor is the monster inflows into exchange-traded funds holding the tokens.
According to data from Coinglass among other sources, Bitcoin ETFs saw a whopping $886.6 million inflows on Tuesday!
Source: Coinglass
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This was the best day of inflows since mid-March and the second-largest amount since spot ETFs launched this year. These bullish forces may keep the “OG” crypto buoyed ahead of Friday’s US jobs data.
As covered in our trade of the week, the incoming NFP report is likely to influence bets around when the Fed cuts rates in 2024.
Traders are currently pricing in a 75% probability of a 25-basis point Fed cut in November with a move fully priced in by December.
Any changes to these expectations may influence cryptocurrencies which have shown sensitivity to interest rates.
Bitcoin is trading roughly 4% away from its all-time high at $73850.
So essentially, a disappointing jobs report that fuels rate cut bets could push prices closer to all-time highs.
Just to be clear, past price movements do not guarantee future results but can be used to highlight how Bitcoin has reacted to the US jobs report.
Bitcoin remains trapped within a range on the weekly charts with bulls approaching the $72,000 resistance.
Prices have turned bullish on the daily charts after the breakout above $70,000. The upside momentum may take the crypto towards the $72,000 resistance level in the short term.
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