Records Set for US Futures Contracts
Last Thursday, futures contracts on the S&P 500 index crossed a new symbolic threshold, surpassing 6,145 points. At the same time, Nasdaq Composite futures contracts also reached a record level at 20,180 points. This momentum is driven by growing expectations of a Federal Reserve interest rate cut as early as next July.
Cryptocurrency analysts see this upward trend in traditional markets as a positive sign for Bitcoin. Nick Ruck, Director at LVRG Research, believes that if the Fed does cut its rates in the coming months, it could enable Bitcoin to break through its current resistance level of $109,000 and enter a new price discovery phase.
Jeff Mei, COO of the BTSE exchange platform, adds: “Conditions are ripe for Bitcoin to surpass its previous all-time high of around $112,000, especially as tensions between Iran and Israel appear to have eased.”
A Positive Momentum to Be Qualified for Bitcoin
Despite these optimistic prospects, Bitcoin still struggles to sustainably surpass the $108,000 mark. Its repeated attempts this week have resulted in failures, bringing it down to $107,400.
Observers also note a certain caution creeping in among Fed policymakers, tempering the prevailing euphoria. Moreover, traders are exerting downward pressure, which helps stabilize prices.
Market attention is now turning to the release of the PCE report, the Fed’s preferred indicator to measure inflation. Its release could trigger a new wave of volatility.
In the end, if US futures contracts and Fed monetary expectations continue to favor risky assets like Bitcoin, the stars may align to propel the leading cryptocurrency to new all-time highs in the coming months. Crypto investors will passionately follow this exciting development.
How to Buy BTC on Bybit ?
Planning to invest in Bitcoin (BTC) through Bybit? Here is a simple guide to make your purchase with peace of mind:
- Sign up on Bybit by entering your email address, then complete the identity verification (KYC) to activate your account.
- Add funds to your Bybit wallet, either via credit card, bank transfer, or by transferring crypto from another platform.
- Look for the BTC/USDT pair in the Spot or Futures section, depending on your trading objective.
- Place your buy order by choosing the type that matches your strategy (market, limit, or futures contract).
- Confirm the purchase, and your BTC will be automatically credited to your Bybit account.
Remember to analyze the market before investing to optimize your decisions and mitigate risks.
