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Bitcoin (BTC) News Today: Fed Rate Forecasts Weigh on BTC, Trump Support Unheeded
According to FedWatch tool for ECMthe probability that the Fed will remain stable in September increased from 35.2% to 50.2% in the week ending May 24.
US-BTC spot ETF market flow data is reflected in the effects of the Fed’s rate path on BTC demand. Net collections down on Wednesday and Thursday. However, the BTC spot ETF market recorded total net inflows of $1,056.7 million in the week ending May 24, supporting BTC at current price levels.
US consumer confidence data (May 28) and US personal income and spending report (May 31) could further influence sentiment towards the Fed’s rate path. An unexpected recovery in consumer confidence, an upward trend of personal income/spending and sticky inflation could collapse bets on a Fed rate cut in September.
Market sentiment towards the Fed’s rate path has overshadowed that of Republican Party Donald Trump support for the cryptocurrency market.
However, ethereum (ET) had a mixed Sunday session, gaining 2.01% to close the week up 24.59% at $3.826. Progress towards a US ETH spot ETF market has driven buyer demand for ETH.
Technical analysis
Bitcoin Analysis
Bitcoin sitting above the 50 and 200 days EMAsending bullish price signals.