Bitcoin pushes for $98K as 2025 Fed rate cut odds flip 'pessimistic'
Bitcoin (BTC) experienced a short-term trend change on May 7, influenced by geopolitical events that increased market volatility. BTC/USD fell below $94,000, setting new lows for May, but rebounded to local highs of $97,700. Concurrently, gold reached $3,435. Tensions between India and Pakistan and developments in US-China trade negotiations contributed to market fluctuations. Traders focused on the Federal Reserve's interest rate decision, with expectations for the FOMC meeting being largely unanimous. Fed Chair Jerome Powell's statements were anticipated for any shifts in tone. Bitcoin's order book showed cleared nearby liquidity ahead of the event. Odds for rate cuts in 2025 decreased to around 30%, indicating a pessimistic outlook. A potential rate cut could lead to increased volatility and investor concern.
