Investing.com– Bitcoin’s price fell slightly on Thursday, holding steady after breaking out from a more than two-month trading low as delicate U.S. economic data fueled expectations that the Federal Reserve will cut interest rates.

fell 0.5% in the last 24 hours to $70,834.50 by 01:30 ET (05:30 GMT). The token stabilized after breaking the $60,000 to $70,000 trading range this week, ending the low it had been in since mid-March.

Bitcoin near record highs as ETF inflows boost

The world’s largest cryptocurrency was now about $3,000 from its record high in March, benefiting from dollar weakness as investors priced in Fed interest rate cuts.

US-listed spot token funds saw a surge in inflows this week, bringing total year-to-date inflows to around $15 billion. Spot Bitcoin ETFs also saw four straight weeks of inflows in May.

The approval of Bitcoin cash ETFs in US markets has been a key support point for the token this year, with Bitcoin hitting record highs on the back of increased institutional inflows.

This trend seemed to be gaining momentum again, especially with lower interest rates in the US creating a more accommodative environment for cryptocurrency markets.

Cryptocurrency price today: mixed Altcoins, interest rate cuts in focus

The world’s No. 2 cryptocurrency rose 1.6% to $3,850.43, remaining near recent two-month highs, as the token also benefited from buzz around the spot Ether ETF.

In May, the Securities and Exchange Commission approved major U.S. exchanges to list spot ETFs and now plans to engage with fund managers on approval of the products.

Broader altcoins were mixed but rallied this week as a series of delicate US macroeconomic data led investors to boost their bets on a September interest rate cut.

and fell in the range of 0.2% to 0.6%, among memecoins and fell by 0.4% per piece.

The interest rate cut on Wednesday and the expectation of a widely anticipated rate cut on Thursday also provided optimism for lower interest rates.