Bitcoin Price Falls Below $108,000 Amid Fed Rate Cut Expectations

According to Odaily, Bitcoin's price has dropped below $108,000, potentially influenced by diminished expectations for a Federal Reserve rate cut. Ahead of the Fed's May meeting minutes release, the sentiment in risk asset markets remains cautious. The CME FedWatch tool indicates that the market now anticipates the first rate cut by the Federal Reserve might be postponed until September, with the expected number of rate cuts for 2025 reduced from four to two. Trader TheKingfisher noted that further declines in Bitcoin's price could trigger additional short covering. QCP Capital previously stated that the current market lacks catalysts to drive price fluctuations, resulting in a continued decrease in overall volatility.