Will falling global interest rates open the door to a new record high for Bitcoin?

withdraw Bitcoin Price It announced its attempt to breach the $72,000 level, but it is still trading in a tight range, with expectations of a new high in the coming days.

Bitcoin saw a surge to $71,700 following the European Central Bank's decision to cut interest rates, but quickly fell back below $70,000 before settling at $70,600 at press time , down about 1% in the last 24 hours.

Market analysts have highlighted strong Bitcoin sales activity in Binance and Coinbase exchangescoinciding with a large build-up of forward sales transactions on derivatives platforms, which led to price pressure.

And she points Data CoinGlass has seen significant leverage buildup around the $70,000 and $72,000 levels, which could lead to a selloff if the tight trading range breaks out in either direction.

Positive Indicators of an Impending Bitcoin Price Rise

Although it will be difficult to surpass the $72,000 level, analysts expect a new record high for Bitcoin, supported by a shift in macroeconomic conditions in favor of riskier assets.

Central banks in advanced economies have begun to ease monetary policy, with the European Central Bank and the Danish central bank both cutting interest rates by 25 basis points today, after the Bank of Canada cut them further. early this week, and the Swiss central bank in March. .

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The big question now is whether the US Federal Reserve will follow this trend. Although some bank members have indicated that any monetary easing could be the story of 2025, recent data has shown a decline in inflation and economic growth.

The May government jobs report, due tomorrow, could increase the chances of a Fed rate cut if the numbers weaken.

Additionally, inflation data will be released later this month. “Next week’s CPI release could be the catalyst for a new record high for Bitcoin,” QCP said in its latest market analysis. “There could also be additional upside momentum as the market factors in interest rate cuts.”

Jeffrey Kendrick, head of FX and digital assets research at Standard Charter, confirmed His price target is $150,000 for Bitcoin At the end of the year, he highlighted the possibility of breaking new highs in the coming days. “If tomorrow's jobs data is positive, I expect a new high to be reached over the weekend,” he wrote.