BTC recovers to $70K on Fed rate cut hopes, analysis shows

Bitcoin has recovered to the $70,000 level amid growing expectations for a U.S. Federal Reserve interest rate cut, CoinDesk reported. The media outlet noted that after a sharp drop to around $60,000 earlier this month, BTC has risen approximately 5% over the past 24 hours to trade above $70,000. This rebound is attributed to a lower-than-expected January Consumer Price Index (CPI), which has fueled speculation about a potential rate cut. CoinDesk also highlighted that prediction markets like Kalshi and Polymarket are showing a significant increase in the probability of a rate cut in April.