Bitcoin Hits $67.5K As 2% BTC Price Gains Go Along With US Jobless Claims
Bitcoin (BTC) rose 2% on April 4 following encouraging signals from the US Federal Reserve.
The Fed said it will cut rates “at some point this year.”
Data from Cointelegraph Markets Pro and TradingView showed a local BTC price of $67,510 on Bitstamp at the Wall Street open.
Bitcoin joined US stock indexes on the day, while gold cooled after setting a fresh high above $2,300.
A day earlier, Fed Chairman Jerome Powell indicated that interest rate cuts in economic policy – a key benefit for risk assets – would come before the end of 2024.
“As of last July, we have held our policy assessment at the current level,” he said in a speech to the Stanford Business, Government and Society Forum at the Stanford Graduate School of Education in Stanford, California.
“As reflected in the individual forecasts the FOMC released two weeks ago, my colleagues and I continue to believe that the policy rate will be at a high level for this tightening cycle. If the economy improves broadly as we expect, most FOMC participants see it as appropriate to start lowering the policy rate somewhat this year.”
Powell mentioned the Federal Open Market Committee (FOMC) meetings, the next one is in May.
The latest data from CME Group's FedWatch Tool, however, put it at a slight 0.25% drop at that meeting, or 61% better than it followed in June.
Meanwhile, the latest U.S. jobless claims came in slightly better than expected, at 221,000 versus expectations of 214,000, giving further impetus to market activity.
RSI Inspires Confidence in BTC Price
Analyzing the current structure of the Bitcoin market, renowned trader Pierre noted that the 200-time moving average (EMA) is providing support on four-hour timeframes.
Related: Bitcoin is a hedge against ‘terrible' government fiscal policy – Catie Wood
As optimistic as ever, another trader, Jelle, looked at promising signs on the daily chart to question the continuation of the upside.
Bitcoin's Relative Strength Index (RSI) crossed back above a key 50-point daily close. As reported by Cointelegraph, the daily RSI was hovering around the lowest level in a few months.
“Bitcoin is locked in a hidden bullish divergence on the daily chart!” Jell told his followers on X.
“This difference is usually revealed during a pullback, during a strong bullish trend – the next leg up. Bring in $82,000.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
