The Bitcoin price records a major rally in recent days. After plummeting to a low of $49,000 on Monday, the BTC price soared as high as $62,700 during the Asian trading session today. Thus, BTC has surged 24% from its Monday low. Over the last 24 hours alone, BTC has risen by 7%. These are the key reasons: #1 Fading US Recession Fears Fuel Bitcoin Rally Macro economics are the clear driver of the price move as equities have rallied along with Bitcoin. Notably, the July unemployment rate in the United States increased to 4.3%, the highest in the last four months. This triggered concerns about a potential recession, as per the Sahm Rule. This economic indicator suggests that a recession might be starting if the three-month moving average of the national unemployment rate rises by 0.50 percentage points or more relative to its lowest point in the previous 12 months. Related Reading: Bitcoin Bull Run Still Intact? Here’s What On-Chain Data Says The initial panic was exacerbated by a jobs report that fell short of expectations, with only 114,000 new jobs compared to th ..
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