Key points:
Markets increasingly see fewer Fed rate cuts this year, with the first only coming in September.
Despite potential labor market weakness to come, crypto and risk assets lack an overall bullish catalyst, analysis says.
BTC/USD continues to drop toward new multiday lows.
Bitcoin (BTC) sold off at the May 28 Wall Street open as markets continued to price out US interest rate cuts.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
BTC price retreats with Fed rate cut bets
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping below $108,000 to challenge multiday lows.
Ahead of the minutes of the Federal Reserve’s May meeting, the mood among risk assets was cautious.
CME Group’s FedWatch Tool showed decreasing odds of a rate cut — a key tailwind for crypto, stocks and more — before September.
Fed target rate probabilities for September FOMC meeting. Source: CME Group
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