Bitcoin spot selling on exchanges weighed on prices with a built up of short derivatives positions around the $72,000 level, one observer noted.
The big question going forward is if the U.S. Federal Reserve might join the rate cutting trend, and while some members of that central bank have suggested any monetary easing could be a 2025 story, recent data has shown softening in both inflation and economic growth. Tomorrow will bring the government's May employment report and a weak read could boost the odds of an imminent Fed rate cut.
And coming later this month will be the latest inflation data."The CPI release next week might potentially be the trigger for a new all-time high for BTC," QCP said in a market update."There may also be added momentum to the rally as the market prices in rate cuts." Standard Charter's forex and digital assets research head Geoffrey Kendrick reiterated his $150,000 price target for BTC by year-end in a, and noted the possibility of a breakout to new all-time highs in the next few days."If tomorrow’s payrolls data are friendly I would expect a fresh all-time-high to be reached over the weekend,” he wrote.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.