Bitcoin Eyes $68K as Unexpected Chinese Rate Cuts Spark Bullish Momentum
Long standing businesses that focus on the bulls’ point of view have more reasons to stay looking forward, as Bitcoin has included a Chinese rate cut to the projected events that will push the BTC price higher and higher.
Bitcoin targeted $68,000 at the Wall Street opening of July 22 as a Chinese interest rate cut boosted other bullish factors.
China enacts “unexpected” rate cuts
Information from Forks Daily Markets Pro and TradingView depicted Bitcoin
BTC price swings to test the range highs after falling below $67 K in the earlier trading session.
The upward reversion occurred as Asia stocks’ performance was mixed as China decided to cut several key interest rates in a measure that “took markets by surprise.”
According to the PBoC, it resolved that it would reduce the seven-day moving average of the reverse repo rate by 0. 1% to 1. 7% and the one-year and 5-year loan prime rate (LPR) also rose in accordance, as sources such as Reuters informed.
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