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Key takeaways:<\/strong><\/p>\n Bitcoin holds $95,000 as Fed rate cut odds rise to 60% for June 18 and the US economy slumps.<\/p>\n<\/li>\n Breaking $95,000 could push BTC’s price toward $100,000, while dropping below $93,000 may bring the $84,000 back into the picture.<\/p>\n<\/li>\n Key Bitcoin levels to watch remain around the long-term holders’ cost basis. <\/p>\n<\/li>\n<\/ul>\n Bitcoin (BTC<\/a>) is once again attempting to break above $95,000 on May 1 as markets price in the possibility of the US Federal Reserve cutting rates sooner than expected.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed Bitcoin edging higher hours after dipping below $93,000 following US GDP data that reflected a shrinking economy<\/a>. <\/p>\n A contracting economy<\/a> will likely prompt the Fed to lower rates to stimulate activity sooner rather than later. This reduces yields on traditional assets like bonds, pushing investors toward Bitcoin and risk-on assets.<\/p>\n The odds of a Fed interest rate cut at the June 18 Federal Open Market Committee meeting have increased over the last week, from 57% on April 30 to 60% on May 1. <\/p>\n Rate cut expectations have historically been a bullish catalyst for risk-on assets and Bitcoin. For example, Bitcoin rallied more than 20% ahead of the last Fed rate cut on Dec. 18, 2024.<\/p>\n “Bitcoin surges back toward $95K, rebounding from bearish US GDP data,” said<\/a> pseudonymous Bitcoin analyst BTCmoonmath in a May 1 post on X, adding:<\/p>\n “Traders anticipate a Federal Reserve’s easing and rate cuts in the future, despite a shrinking economy and low consumer confidence.” <\/p><\/blockquote>\n Focus now shifts to how the May 2 jobs report, which reveals how many jobs were added to the US economy in April, will impact the crypto market and, in turn, Bitcoin’s price.<\/p>\n Related: <\/strong><\/em>Bitcoin ‘aging’ chart projects sixfold BTC price rally above $350K<\/strong><\/em><\/a><\/p>\n Currently, $95,000 is the key level traders are watching, and many analysts believe that a sustained push through the resistance zone above this area opens the door for a swift move higher.<\/p>\n “The price has recently surged above both key technical levels and is now attempting to consolidate within this zone,” Glassnode said in its latest “Week Onchain” report.<\/p>\n The market intelligence firm referred to the 111-day simple moving average (SMA) at $91,300 and the short-term holder (STH) cost basis at $93,200. Bitcoin reclaimed these levels in the recent upward swing, highlighting the degree of strength behind the move.<\/p>\n “These are levels that must be broken and held for further price appreciation, as a rejection of this level would push the price back into bearish territory, and return many investors to a state of meaningful unrealized loss.”<\/p><\/blockquote>\n “Bitcoin is ready to blast through $96,000,” popular analyst AlphaBTC said<\/a> in his latest analysis on X. <\/p>\n According to the analyst, a decisive break above $95,000 could see BTC move out of consolidation, with the next logical move being toward the $100,000 psychological level.<\/p>\n “This is what I would like to see if Bitcoin can follow through today. A nice big squeeze into the low 100Ks.”<\/p><\/blockquote>\n Conversely, the analyst said that a drop below April 30 lows at $93,000 could see BTC\/USD sink deeper toward the $84,000 and $88,000 range as shown in the chart above.<\/p>\n Fellow crypto analyst Daan Crypto Trades added that if price consolidates without rejection and keeps grinding upward, then that should position BTC for a move higher toward the $100,000 region, he explained<\/a> to his followers on X. <\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Key takeaways: Bitcoin holds $95,000 as Fed rate cut odds rise to 60% for June 18 and the US economy slumps. Breaking $95,000 could push BTC’s price toward $100,000, while<\/p>\n\n
Fed rate cut will drive BTC’s price higher<\/h2>\n
What’s next for Bitcoin’s price?<\/h2>\n