- Bitcoin prices continued climbing, reaching an intraday peak of $66,456 per unit on Friday, marking a 2.4% boost against the U.S. dollar.
- The surge followed the release of the U.S. Personal Consumption Expenditures Price Index (PCE) report, which showed cooling inflation.
- Bitcoin’s latest leap caused $9.67 million in BTC shorts to be liquidated in four hours.
Bitcoin prices climbed to new highs on Friday as inflation cooled and shorts got squeezed. The leading cryptocurrency hit an intraday peak of $66,456, marking a 2.4% gain on the day.
Key Details on the Latest Bitcoin Price Action
On Friday, September 27, 2024, bitcoin crossed above the $66,000 threshold. This notable rise comes after the first U.S. Federal Reserve rate cut earlier this year.
As of writing, BTC trades at $66,234 with a market valuation of $1.3 trillion. In just the past 24 hours, bitcoin has seen $3.965 billion in global trade volume.
The surge followed the release of the U.S. Personal Consumption Expenditures Price Index (PCE) report on Friday morning. In response to the data, market strategists noted inflation is spreading more weakly than expected.
Bitcoin’s latest leap caused $967 million in BTC shorts to get liquidated within four hours. On the day, over 72,219 traders were liquidated across the crypto derivatives market according to Coinglass.com data.
Macroeconomic Trends Influencing Bitcoin
Year-to-date, BTC has risen by more than 56% and over the last 12 months it has soared 151% against the U.S. dollar.
As bitcoin’s momentum builds, broader economic indicators are shaping market behavior. With inflation cooling and signals from the Federal Reserve turning dovish, traders are navigating shifting market sentiments.
These trends hint that we may be entering a pivotal time for the cryptocurrency world, where price action increasingly aligns with macroeconomic factors.
