Bitcoin Surges Above $17k, While Interest Rates Fall

It seems that Bitcoin managed to surge above $17k. At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $17,219. Check out the latest details about the price of Bitcoin these days.

The price of Bitcoin (BTC) touched $17,000 for the first time in 2023. The king coin has been rallying alongside stocks and bonds in hopes the U.S. Federal Reserve may further slow its pace of monetary tightening.

CoinDesk online publication notes the fact that the big economic event of the day was supposed to be the Nonfarm Payrolls reports from the Bureau of Labor Statistics (BLS) at 8:30 AM ET.

It’s also important to note the fact that the rally really kicked off 90 minutes later after the ISM Non-Manufacturing Index (also known as ISM services) for December fell sharply to 49.6 from 56.5 previously.

Any number below 50 for this gauge suggests economic contraction. This was the first time the services index dipped below 50 since May 2020.

“Digging deeper into the December report shows the New Orders subindex – considered a leading indicator – tumbling all the way to 45.2 from 56 previously,” the online publication notes.

They continued and revealed the fact that earlier this week, the ISM Manufacturing Index for December came in at 48.4 for its second consecutive month in contraction territory.

It’s been just revealed that a popular crypto strategist believes that Bitcoin (BTC) looks poised for a quick burst to the upside.

Pseudonymous analyst Kaleo said not too long ago that king crypto Bitcoin could be gearing up for a short squeeze.

“Finally, looks like BTC is ready to break out of the $16,000 – $17,000 base range it’s been stuck in the past several weeks. Initiate the squeeze.”

There have been a lot of optimistic prediciton about the price of Bitcoin these days.