Bitcoin has risen above $60,000 again after a long time and is currently trading at $62,000. The leading cryptocurrency, which has increased by more than 10 percent in the last 24 hours according to TradingView data, continues its positive outlook.

With this increase in Bitcoin, the liquid volume is a total of $86 million. 93 percent of the liquid transactions are in short positions.

While it is considered quite possible for Bitcoin to clear the liquidity at $63,000, the price action experienced today supports both the positive outlook and the idea of ​​clearing liquidity.

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As broader markets anticipate a potential ECB rate cut, Bitcoin has demonstrated a correlation with the positive sentiment in equity markets. Over the past 24 hours, the world’s largest digital asset has surged over 2%, reaching a value of $69,035 as of 7:15 a.m. ET, according to The Block’s Price Pages.

Major European and UK equity indices also showed gains on Monday. The FTSE 100 in London experienced a slight increase of 13.48 points to reach 8,288.86 during early trading. Similarly, the regional Stoxx 600 index in Europe rose by 0.44% to 520.44. Meanwhile, S&P 500 futures in New York were up by 0.15%, and the NYSE Composite saw a 1.3% increase in pre-market trading.

This surge coincides with expectations of relief for borrowers in the eurozone due to anticipated rate cuts by the ECB. With recent declines in inflation, the ECB is predicted to lower its benchmark rates during Thursday’s monetary policy meeting.

Money markets indicate a high probability, around 93%, of an ECB rate cut this week. It is anticipated that the ECB will reduce the rate on its deposit facility, which banks utilize for overnight deposits with the Eurosystem, to 3.75%, down from the current record high of 4%.

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The post European Central Bank Interest Rate Expectations Reflected Positively on Bitcoin appeared first on Coin Engineer.