Bitcoin Price Hits New ATH As Traders Price In 25 BPS Rate Cut

The Bitcoin price has reached a new all-time high (ATH), providing a bullish outlook for the crypto market. This development comes as traders price in a 25 basis points (bps) Fed rate cut at the September meeting.

Bitcoin Price Reaches New All-Time High Above $123,000

TradingView data shows that the BTC price has broken above $123,000, reaching a new ATH in the process. The flagship crypto is up over 2% on the day, rising from an intraday high of $118,939.

This comes just about a month after the Bitcoin price reached its previous high of $123,091. The flagship crypto had reached that milestone back in July, ahead of the ‘Crypto Week’ which ushered in the GENIUS, the first major crypto legislation in the U.S.

CoinGape had earlier reported that BTC was eyeing a new all-time high ahead of the U.S. CPI and PPI data this week. The CPI data came in at 2.7%, lower than expectations, which was a positive for the flagship crypto. Meanwhile, the PPI data is also expected to show that inflation in the U.S. is still steady.

As such, traders are now pricing a 25 basis points Fed rate cut in September, which has contributed to the Bitcoin price rally. A rate cut is bullish as it would inject more liquidity into the crypto market and boost risk-on sentiment. U.S. Treasury Secretary Scott Bessent has also raised the possibility of a 50 bps, which would be massive for BTC and other crypto assets.

It remains to be seen if the flagship crypto will enter into price discovery following its rally to a new ATH or if it will witness a healthy retrace. Meanwhile, other crypto assets have rallied alongside BTC. Notably, ETH is up over 28% in the last seven days and is now close to its ATH of $4,891.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.

Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.

Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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