Bitcoin bulls welcome relief in Bitcoin price action

At the time of writing, the Bitcoin price action is above $62,700, with a recovery of more than 5.5% in the last 24 hours, which in a way restores the optimism that bulls were bringing after the recent Bitcoin Halving.

The bad news around the data reported by the Fed ends up being good news for Bitcoin price action, according to information uploaded by William Suberg, the "U.S. nonfarm payrolls data for April came in notably below expectations, offering some of the labor market weakness that the Federal Reserve said would bolster the case for interest rate cuts."

In the words of Fed Chairman Jerome Powell during a May 1 press conference, "We stand ready to maintain the current target range for the federal funds rate for as long as appropriate."

It was mentioned that, "The latest estimates from CME Group's FedWatch Tool put the odds of a rate cut at the June meeting of the Federal Open Market Committee, or FOMC, at just under 15%. The odds for the July meeting were 33% for a minimum cut of 0.25%."

What is certain is that Bitcoin is entering a new era as the whales buy, "In response to the latest BTC price rally, commentators expected higher levels to hold as support, leaving the week's trip to two-month lows as a knee-jerk reaction"

Cointelegraph. Bitcoin price springs 5% to $62K as US jobs data boosts rate cut bets. Link

The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph