On Friday, Sept. 27, 2024, bitcoin crossed the $66,000 threshold, a notable rise since the first U.S. Federal Reserve rate cut earlier this year. As of now, BTC is trading at $66,234, with a market valuation sitting at $1.3 trillion. In just the past 24 hours, bitcoin has racked up a global trade volume of $39.65 billion. The surge followed the release of the U.S. Personal Consumption Expenditures Price Index (PCE) report.

In response to the PCE data, David Russell, Global Head of Market Strategy at Tradestation, commented, “Weakness is spreading.” He further noted, “Not only was the price index cool, but so were personal income and spending. The inflation story could get even more dovish from here, given the recent drop in energy prices. These numbers confirm the Fed’s easing path. Weaker spending and income validate Powell’s recent pivot to employment.”

Bitcoin’s latest leap caused $9.67 million in BTC shorts to be liquidated in four hours. Over the past 24 hours, a total of 72,219 traders were liquidated across the entire crypto derivatives market, according to coinglass.com data. Year-to-date, BTC has risen by more than 56%, and over the last 12 months, it has soared 151% against the U.S. dollar.

As bitcoin’s momentum builds, broader economic indicators are shaping market behavior. With inflation cooling and signals from the Federal Reserve turning dovish, traders are navigating shifting market sentiments. These trends hint at a potentially pivotal time for the cryptocurrency world, where price action increasingly aligns with macroeconomic factors.

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