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Bitcoin held steady on Saturday, reaching a high of $70,000 for the first time in days, as a partial government shutdown began in the United States.
Bitcoin rose to $70,000, up substantially from the year-to-date low of $60,000. The rebound coincided with Friday’s stock market rally and a broader recovery across crypto markets.
Bitcoin’s move occurred as a partial government shutdown started in the US, affecting the Department of Homeland Security. Key departments cited as being affected include the TSA and the Coast Guard.
The shutdown is tied to Democrats’ position that they will not approve funding unless reforms to ICE are implemented following the fatal shooting of Renee Good and Alex Pretti in Minneapolis.
While major political events can influence markets, the article notes that Bitcoin is rarely affected by government shutdowns. It points to an example from October last year, when Bitcoin jumped to a record high during the longest shutdown on record.
The article identifies the main catalyst for Bitcoin’s recovery as expectations that the Federal Reserve may deliver more interest rate cuts this year than previously expected. Polymarket data shows that the odds of three and four rate cuts have increased over the past few days.
These odds rose after the US released the latest consumer inflation and non-farm payrolls data. A report on Wednesday said the economy added over 130,000 jobs in January, while the unemployment rate fell to 4.3%. Another report released last Friday showed the headline Consumer Price Index declined to 2.4% in January from 2.7%. Core inflation remained at 2.5%.
Bitcoin also rose as investors cautiously bought spot BTC exchange-traded funds. SoSoValue data compiled in the article shows spot ETFs added over $15 million in assets on Friday.
On the daily chart, the article says BTC rebounded to $70,000 from the year-to-date low of $60,000. It reports that the Percentage Price Oscillator lines are about to form a bullish crossover, while the Relative Strength Index has moved from oversold levels to 37.
Based on this setup, the article suggests there is a possibility Bitcoin could continue higher, with bulls targeting the 50-day moving average at $81,000. It also states that a drop below the year-to-date low of $60,000 would invalidate the bullish outlook.
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