Bitcoin price surges, Fed expected to cut rates, analysts predict potential breakout above $70,000

From Coingape: 2024-07-28 23:56:46

Bitcoin price is trading nearly 15% up on the monthly chart, approaching $70,000. The US Federal Reserve will reveal its interest rate decision on July 31, impacting the crypto market. Probability of interest rate cuts in September stands at 85.8%. UK Central Bank will also announce rate cut decision this week.

Experts caution against expecting a Bitcoin breakout in August. Factors like US election calendar, interest rate policy, and token unlocks may impact the market. Analysts predict eventual breakout above $70,000 may occur with help from lower inflation and Fed rate cuts. US CPI report is expected on August 20.

Market analysts predict a rally for Gold and Silver post FOMC meeting. Commodity analyst Rasha Hajiyev expects Silver to reach $35 in 2-3 weeks, potentially leading to a rally for Gold over $2,600. Solana shows strength in the altcoin space, with SOL price surging to $192, investors anticipate a move past $200 in the near future.



Read more at Coingape: US Fed Rate Cuts on Radar This Week, Bitcoin (BTC) Breakout In August?