Bitcoin Price Soars to $94K on Escalating Odds of Another Rate Cut

Bitcoin’s price shot up to an intraday high of around $94,600 minutes ago. This marks a 3.5% increase over the past 24 hours, sparking hopes of a prolonged recovery and a push toward the coveted $100,000 level.

The increase comes a day before the next meeting of the US Federal Reserve, where they will announce their decision on the current interest rates.

At the time of this writing, Polymarket places 96% chances of success for bets predicting a 25 bps cut tomorrow.

Meanwhile, the most recent move left more than $66 million in leverage short positions liquidated in the past hour alone.

For the past day, the total sum of liquidations has approached $400 million, over $311 million of which are short traders.

The post Bitcoin Price Soars to $94K on Escalating Odds of Another Rate Cut appeared first on CryptoPotato.