Bitcoin prices stabilized on Saturday, reaching a multi-day high of $70,000, even as a partial government shutdown began in the United States.
summary
- Bitcoin price has climbed to $70,000 as the recent recovery continues.
- The US government experienced another partial shutdown.
- Technical analysis suggests that Bitcoin price may rebound.
Bitcoin ($BTC) rose to $70,000, a significant increase from the year-to-date low of $60,000. The rebound coincided with Friday’s stock market rally and a recovery in the broader crypto market.
Bitcoin’s price movement comes as a partial government shutdown begins in the United States. The shutdown currently affects the Department of Homeland Security, with major departments such as the TSA and the Coast Guard also affected.
The biggest problem is that Democrats have said they will not approve any funding unless ICE reform is implemented in the wake of the shooting deaths of Renee Good and Alex Preti in Minneapolis.
Still, Bitcoin’s price is rarely affected by major events such as government shutdowns. For example, the coin soared to an all-time high last October when the United States experienced its longest government shutdown in history.
A key driver of the ongoing Bitcoin price recovery is the belief that the Federal Reserve may cut interest rates more than expected this year. According to Polymarket data, the probability of a third or fourth rate cut has increased in the past few days.
You may also like: Here’s why XRP price is rising today (February 14th):
Those odds rose after the U.S. released its latest consumer inflation and nonfarm payrolls data. Wednesday’s report showed the economy added more than 130,000 jobs in January as the unemployment rate fell to 4.3%.
A separate report released last Friday showed that the headline consumer price index fell to 2.4% in January from 2.7% previously. Core inflation, which excludes volatile food and energy prices, remained at 2.5%.
Bitcoin prices also rose as investors cautiously bought physical assets. $BTC ETF. Spot ETFs added more than $15 million in assets on Friday, according to data compiled by SoSoValue.
Technical analysis of Bitcoin price
$BTC Price list |Source: crypto.news
Looking at the daily chart, $BTC Prices have recovered to $70,000 from a year-to-date low of $60,000. The two lines of the percentage price oscillator are about to undergo a bullish crossover. Also, the relative strength index has moved from oversold levels to its current level of 37.
Therefore, the coin is likely to continue rising as the bulls target the 50-day moving average of $81,000. On the other hand, a break below the year-to-date low of $60,000 would invalidate the bullish outlook.
You may also like: Bitcoin’s Layer 2 keeps failing because it’s not a real L2. opinion
