Bitcoin jumped nearly 4% in the past day to trade above $60.42K at press time. Enhanced sentiments toward the upcoming Federal rate decision, the US economy, and US Bitcoin spot ETF flows drove BTC’s jump.
The current broad market sentiment positions Bitcoin for a remarkable uptick to $70K, triggering solid upswings in the altcoin market.
Bitcoin Dogs (0DOG), known for its connection with the bellwether crypto, looks to capitalize on such developments to dominate with robust gains.
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As the top crypto by value regains footing, 0DOG’s latest bullish developments, including listing in multiple exchanges and token burn initiatives, set the BRC-20 coin for remarkable uptrends.
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Fed rate decision and improved US economy drive BTC demand
18 September remains for the financial space, with the Fed interest rate path, projections, and FOMC press conference influencing Bitcoin’s movements. The consensus forecast a 25bp rate cut, which could enrich BTC demand.
Further, a 50bp rate reduction and a soft landing might propel the digital coin toward $70K – an approximately 16% increase from current prices.
Also, Tuesday’s United States retail sales data supported anticipations of a soft landing. Retail sales jumped 0.1% in August, extending July’s 1.1% and against economists’ forecasted dip.
🔵📉 #FinancialMarkets #DailyReport Sept 18 | Stronger-than-expected retail sales and industrial production data in the US renewed expectations of a soft-landing for the economy, just as the Fed is expected to lower interest rates today. ⬇️
US retail sales account for approximately 60% of the GDP, and the increase highlighted a stable economy. Bitcoin reacted to the stats with an initial dip below $59K before climbing to $61,330.
Moreover, Tuesday’s US Bitcoin ETF flow trends added to BTC optimism, with investors focusing on the Fed rate decision and US economic figures.
Spot BTC ETFs, excluding iShares IBIT, recorded $186.8 million in inflows on 17 September – a massive uptick from the previous day’s (16 September) $12.8 million.
That underscored increased demand for Bitcoin and confidence in potential rallies.
0DOG price if Bitcoin hits $70K
The altcoin’s current outlook mirrors broad market tendencies. 0DOG trades at $0.01047 after losing 2.60% of value in the past 24 hours.
The 90% uptick in 24-hour trading volume highlights increased investor optimism, suggesting swift rebounds for the altcoin.
Bitcoin Dogs offers a lucrative chance for individuals looking to benefit from Bitcoin’s impending recovery.
0DOG has its performance tied to BTC, and any surges in Bitcoin could have Bitcoin Dogs exploding due to its low market capitalization and high volatility.
Bitcoin Dogs gained 12% over the past week as the bellwether crypto jumped 6.50% on its seven-day chart.
Repeating such a performance, 0DOG will likely gain 32% from the current price to trade at $0.0138468 if BTC skyrockets 16% to $70K.
You can find more information about Bitcoin Dogs here.
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