Bitcoin Price Hits $64,000 as Eurozone PMIs Miss, Traders Eye U.S. Data for Next Move
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Eurozone and UK PMI data missed forecasts, causing market unease and shifting attention to upcoming U.S. PMI figures. As Bitcoin price tests a one-month high, traders anticipate potential volatility in both fiat and crypto markets.
Elon Musk’s recent meeting with El Salvador’s president also draws attention to Bitcoin’s expanding role in global finance, as key support and resistance levels come into focus.
As Eurozone and UK PMI data fall below expectations, global markets, including cryptocurrencies, are on alert. French and German manufacturing PMIs dipped to 44.0 and 40.3, respectively, raising concerns over broader economic stability.
As traders await the U.S. PMI data, set to impact traditional currencies, cryptocurrencies like Bitcoin could see increased volatility, depending on how the data shapes expectations around inflation and rate cuts.
Following the Federal Reserve’s significant interest rate decrease last week, Bitcoin continued to surge on Monday, reaching a one-month high. At more than $63,818, it was up 0.39%. As Japan’s markets were closed for a vacation, the yen and other major currencies held steady.
The Bank of Japan’s decision to keep its interest rates unchanged helped strengthen the U.S. dollar, pushing it up to 144.08 against the yen. The anticipated rate cuts from the Fed, combined with gains in commodities and equities, have contributed to Bitcoin’s upward momentum. The U.S. dollar index also rose slightly, holding steady at 100.8.
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