Bitcoin gives up four-week high on profit-taking

Bitcoin fell on Tuesday away from four-week highs and on track for the first loss in five days on active profit-taking. 

The world’s most valuable cryptocurrency will likely target $70,000 once more in the short term amid a surge of positive factors, including the full pricing of Fed interest rate cuts in September and November.

Prices 

Bitcoin fell 3.6% at Bitstamp today to $62,446, with a June 20 high at $65,012. 

On Monday, bitcoin rose 6.5%, the fourth profit in a row, and the largest since May 20. 

The largest daily profit in two months came amid a surging positive sentiment in the crypto market.

Crypto Market Value 

The market value of cryptocurrencies fell by over $40 billion on Tuesday to a total of $2.422 trillion as both ethereum and bitcoin sustained losses.

Bullish Outlook 

Many analysts are now expecting bitcoin to rally towards $70,000 in the short term as positive factors swarm the market.

Trump’s Likely Win 

After the Republican candidate for the US Presidency Donald Trump was shot in a failed assassination attempt last weekend, analysts expect a surge in his popularity and status. 

Immediately following the attempt, the Poly Market prediction company raised the odds of a Trump win in the next US presidential elections to 70%.

‎US Rates

Following less aggressive remarks by Fed Chair Jerome Powell in Washington on Monday, the likelihood of 0.25% rate cuts by the Fed in both September and November rose to 100%.

Lower US interest rates would likely boost investments in riskier assets such as cryptocurrencies.