BTCUSD

Bitcoin is positively affected by news of a ceasefire agreement that increases global risk appetite and weak U.S. economic data that strengthens the likelihood of a Fed interest rate cut. With these developments, Bitcoin has risen above the pivot level of 107,242.58, benefiting from the increased inclination towards risky assets. The most important short-term determinants for the cryptocurrency market will be Powell's speeches this evening and the PCE inflation data to be announced on Friday. If risk appetite continues, the resistance at 109,700.87 could be targeted, while hawkish messages from the Fed or a deterioration in global markets could trigger a pullback towards the support level of 106,390.72.