US money market funds hit a new record high of $6.2 trillion, largely driven by expectations of lower interest rates. Lower interest rates could increase investor appetite for risky assets like Bitcoin. According to the CME FedWatch tool, the probability of a 25 basis point rate cut is 65.5%. Analysts predict that Bitcoin could hit over $68,000 or even $95,000. Inflows into Bitcoin ETFs have also increased, reaching over $252 million on August 23. However, Bitcoin faces significant resistance around $65,000, and a break could unwind short positions of over $528 million.
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