Bitcoin (BTC) has surged past $62,000 following the US Federal Reserve’s decision to cut interest rates by 50 basis points.

Bitcoin’s all-time high was on March 14, 2024, trading at $73,750.07 per bitcoin. The lowest intraday price that the crypto traded in the past year was $26,011.47 on Sep. 25, 2023. The original crypto is up by 120% year over year.

Fed’s surprise 50bps rate cut drives BTC rally as the market eyes $62K. Economic data could decide Bitcoin’s next move amid ETF outflows and Fed projections.

Bitcoin price is currently hovering around the $58,000 mark, however, analysts indicate that BTC could risk another downfall to $55,000.

Bitcoin’s all-time high was on March 14, 2024, trading at $73,750.07 per bitcoin. The lowest intraday price that the crypto traded in the past year was $25,781.12 on Sep. 13, 2023. The original crypto is up by 119% year over year.

Bitcoin’s price climbed on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.

Bitcoin’s price rose on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.