Bitcoin Rebounds as Fed Chair Powell Avoids Economic Commentary
- Bitcoin price increased over 2%, reaching $86,970, with a daily low of $83,862 and a high of $87,325.
- Fed Chair Jerome Powell did not discuss current economic conditions or monetary policy during remarks at Stanford University.
- The ISM Manufacturing PMI for November fell to 48.2, indicating the manufacturing sector’s contraction for the ninth month in a row.
- Market expectations for a Fed rate cut on December 10 are strong, with odds near 87% according to the CME FedWatch Tool.
- Total BTC futures open interest rose by 0.25% to $57.70 billion in the last day.
Jerome Powell’s lack of commentary on monetary policy has contributed to Bitcoin’s recent price increase amid wavering expectations for a rate cut next week. The manufacturing sector’s continued contraction signals potential economic challenges that may influence future monetary decisions.
As Bitcoin trades above $86K, market sentiment remains mixed despite rising futures open interest and strong buy-the-dip activity among traders.(Source)
