Bitcoin Hits New All-Time High Above $124K as Trump Pushes 1% Rates Ahead of Fed Cut Expectations

Bitcoin price has pumped 3.62% in the last 24 hours, to trade at $123,643.17, on a 30.48% increase in the daily trading volume, to $95.4 billion.

BTC Jumps as Trump Calls for 1% Rates Ahead of Expected Fed Cuts

The Bitcoin price surges after Donald Trump calls for slashing interest rates to 1%, boosting market optimism ahead of expected Federal Reserve cuts. This is a drastic drop from the current 4.25-4.50% target range. In recent remarks, Trump said he plans to appoint a Fed chair who supports aggressive rate cuts, signalling a shift toward much looser monetary policy.

The President’s comments come as markets are already pricing in a 25 basis point rate cut in September. Amid growing optimism for a softer stance from the central bank. Lower borrowing costs tend to devalue the U.S. dollar and drive investors toward alternative assets such as gold and Bitcoin, which are viewed as hedges against inflation and currency debasement.

Trump’s pro‑crypto stance, combined with regulatory moves like approving spot Bitcoin ETFs and allowing Bitcoin in retirement portfolios, has further boosted sentiment. Institutional demand has surged over the summer, with large U.S. asset managers, pension funds, and companies like MicroStrategy adding billions of dollars’ worth of Bitcoin to their holdings.

Bitcoin Price Hits New All‑Time High Above $124K

The Bitcoin price is now near $123,300, which is a new all-time high. Bitcoin has been rising steadily for over a year, with only a few short pullbacks. Right now, the price is well above the moving averages at about $92,900 and  $51,615. This means the general trend is still strongly upward and Bitcoin is in a clear bull market.

BTCUSD Analysis Source: Tradingview

The Relative Strength Index (RSI) is at 68.73. Meaning Bitcoin is almost overbought, but not quite. It shows strong buying momentum, but there might still be a little more room for the price to go up.

Looking at the MACD indicator, the blue line is above the orange one,  and both are above zero. This is another signal that the trend is positive and buyers are in control. The ADX is at 27.59, which means the trend is real and has strength.

On the chart, there’s a breakout above previous highs. This is a bullish continuation move, which means the price could keep running higher. Support levels are likely around $119,000, and the next big resistance is just above the current price, around $125,000. 

If Bitcoin stays above $120,000, it could try to move toward $130,000 or higher. If it drops below $119,000, it might pull back more, but the overall trend still looks positive for now.