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BTC could eye $66,000 as Fed hike odds fall to 32%
Yahoo Finance links the move to easing inflation, with odds of a September Fed rate hike dropping from about 70% to 32%, and notes ETF outflows totaling $198 million.
Bitcoin could resume a rally toward $66,000 in the near term, with the outlook supported by a sharp drop in the probability of a September Federal Reserve rate hike, according to Yahoo Finance. At the time of writing, the odds of a rate hike next month had retreated from roughly 70% to 32%.
The article ties that repricing to July inflation data, saying the 12-month inflation rate was 3.4%, which was described as a 10 basis point decline versus the prior month and in line with analysts' expectations. It adds that the softer print appears to have eased market concerns about a hawkish Fed.
Yahoo Finance also cautions that the Fed may still raise rates, pointing to disagreement at the last FOMC meeting, where three Fed governors reportedly opposed keeping rates unchanged. It says inflation remains well above the Fed's 2% target, leaving risk that policymakers could adopt a more aggressive posture if internal pressures persist.
Beyond macro factors, the piece cites recent crypto-specific news, including an alleged Coldcard hack, with investigators placing total losses above $100 million. It further notes that the market started the week with a negative tone as investors pulled $198 million from exchange-traded funds, while Santiment data suggested whale accumulation of 30,000 tokens in August.
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