Bitcoin hits two-week high amid positive sentiment

Bitcoin gained ground on Monday and expanded its profits for the fifth straight session, scaling a two-week high amid positive sentiment in the market as US treasury yields taper off. 

A strong buying wave is carrying the world’s biggest cryptocurrency, which could bring it back towards the coveted $70,000. 

The Price

Bitcoin at Bitstamp rose 2.3%, or $1,489 to $65,513, the highest since April 24, with a session-low at $63,745. 

Bitcoin rose 0.25% on Sunday, the fourth profit in a row, while rising 1.5% last week, the first weekly profit in five weeks away from three-month lows at $56,500. 

Crypto Market Value

Crypto market value surged by $55 billion on Monday to $2.540 trillion as both bitcoin and ethereum lead cryptocurrencies higher.

US Yields 

US 10-year treasury yields fell by 0.65 basis points, on track for the fourth loss in a row, hovering near three-week lows at 4.455%. 

The developments came after weak US jobs data, which reduced pressures on the Federal Reserve and opened the way for multiple rate cuts this year.

US Labor Sector 

The US government reported the addition of 175 thousand new jobs to the economy in April, down from 315 thousand in March, while analysts expected the addition of 240 thousand jobs. 

US Rates Outlook 

Following the data, the odds of a Fed 0.25% interest rate cut in June rose to 20% according to the Fedwatch tool, while the odds of such a cut in July rose to 45%. 

Now investors expect two interest rate cuts by the Federal Reserve this week.