Cryptocurrency prices on June 5: Bitcoin rises 3% to above $71,000 on Fed rate cut expectation

The data emboldened bets of rate cuts this year, with markets pricing in 45 basis points of easing. Traders are also pricing in a 65% chance of a rate cut in September, compared with a 46% chance a week earlier, CME FedWatch tool showed.

At 12:14 PM, Bitcoin (BTC) was trading 3.1% higher at $71,098, while Ethereum surged 1.14% to $3,807. Meanwhile, the global cryptocurrency rose by 3% to around $2.63 trillion in the last 24 hours.

"The saw an upside move as U.S. job openings data favoured the market. BTC now needs to clear its ATH level at around $73,500 to break the range and form a new ATH," said .

Other popular including BNB, Solana, XRP, Dogecoin, Toncoin, Shiba Inu, Avalanche, Chainlink, and Polkadot, surged between 3-12%.

The volume of all is now $90.21 billion, which is 12.09% of the total crypto market 24-hour volume, according to .

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.4 trillion. Bitcoin's dominance is currently 53.17%, according to CoinMarketCap. in the last 24 hours surged 23% to $36.86 billion.

by Sathvik Vishwanath, Co-Founder & CEO,

Bitcoin broke out of a symmetrical triangle pattern at $69,000, indicating a bullish trend. The pivot point is at $68,450 with immediate resistance at $71,200. The RSI at 66.95 indicates overbought conditions, indicating a potential near-term downside. Key levels to watch are the pivot point at $68,450 and resistance at $71,200.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

Source: Forex-Markets-Economic Times