Bitcoin back below $108K as the market priced reduction in Fed rate cut odds
Bitcoin (BTC) experienced a sell-off at the Wall Street open on May 28, dipping below $108,000 as markets adjusted expectations for US interest rate cuts. The Federal Reserve's May meeting minutes heightened caution among risk assets, with CME Group’s FedWatch Tool indicating reduced odds for rate cuts before September. Predictions for rate cuts in 2025 decreased from four to two. The Kobeissi Letter noted signs of a potential unemployment spike, which could prompt earlier rate cuts. BTC's price action faced downward pressure, with warnings of possible further losses if bid liquidity was breached. A significant wall of short liquidations was identified above the current price range. Overall market volatility remained low, with a lack of catalysts for price movement, as negative news was increasingly ignored by investors.
