Bitcoin Price Prediction as Bulls Defend $67,000 Level: Is It Time to Buy?

Last Updated: May 29, 2024 6:24am EDT | 4 minute read

Bitcoin price prediction

Despite aggressive comments from Federal Reserve officials and stronger-than-expected US economic data, which reduced the likelihood of a Fed rate cut, Bitcoin (BTC) has managed to regain some momentum. The cryptocurrency rose slightly, reaching around $67,785 and touching an intraday high of $68,848.

BlackRock’s Bitcoin ETF, IBIT, has become the largest Bitcoin fund with nearly $20 billion in assets under management, further supporting BTC. However, the strengthening United States dollar (USD) and continued geopolitical tensions could limit Bitcoin’s gains, leading to potential volatility.

Looking ahead, traders will be closely monitoring the Fed’s Beige Book and John Williams’ speech, along with the upcoming release of the US Core PCE (Core Personal Consumption Expenditures Price Index), for further signals on Bitcoin price movements .

Aggressive comments from the Federal Reserve and consumer confidence are weighing on BTC

Aggressive comments from Federal Reserve officials and better-than-expected economic data have reduced the likelihood of a Fed rate cut in September, strengthening the US dollar and limiting Bitcoin (BTC)’s gains.

Fed Governor Michelle Bowman advocates a slower pace of stimulus reduction, while Minneapolis Fed President Neel Kashkari stresses waiting for significant progress on inflation before considering rate cuts, predicting a maximum of two rate cuts in 2024.

These observations signal a cautious approach from the Fed, impacting the performance of both USD and BTC.

• Consumer confidence in May it improved to 102.0 from 97.0 in April.
• The index surpassed the expected 95.9, indicating growing optimism.
• Positive consumer sentiment could boost economic activity and market sentiment.

This cautious approach and improving consumer confidence suggest mixed prospects for USD and BTC in the near term.

BlackRock’s Bitcoin ETF outperforms Grayscale’s GBTC, boosting Bitcoin market sentiment

BlackRock’s Bitcoin ETF (IBIT) has surpassed Grayscale’s GBTC to become the largest Bitcoin fund, with nearly $20 billion in assets under management (AUM). This milestone, reached on May 28, saw IBIT record over $100 million in inflows. In just four months, IBIT amassed $19.79 billion in assets under management, while GBTC’s assets under management declined by approximately $18 billion over the same period.

Significant net inflows into BlackRock’s ETF have led to its market dominance, with ETFs now controlling 5% of Bitcoin’s total supply. This development could have a positive impact on BTC price sentiment, signaling greater institutional involvement and spurring further investment in the cryptocurrency market.

• BlackRock’s IBIT now holds nearly $20 billion in AUM.
• Grayscale’s GBTC saw a decline in assets under management, losing about $18 billion.
• ETFs control 5% of Bitcoin’s total supply, indicating strong institutional interest.

TechDev predicts a surge in altcoins, boosting Bitcoin price sentiment

The cryptocurrency market is currently volatile, with the price of Bitcoin dropping by $2,000 before stabilizing around $68,400. TechDev, a respected crypto analyst, predicts a potential market surge, especially for altcoins. He notes similarities to 2020 market conditions and points to technical indicators such as Bollinger Bands and Gauss Channels as signals of possible breakouts and bullish cycles for Ethereum and other altcoins.

These insights suggest monitoring these indicators for low volatility and potential price turning points, indicating significant growth opportunities for both Bitcoin and altcoins.

This prediction of an imminent market surge based on technical indicators could have a positive impact on BTC price sentiment, signaling potential future growth opportunities.

• Bitcoin price stabilizes around $68,400 after recent volatility.
• TechDev predicts an increase, particularly for altcoins, based on technical indicators.
• Bollinger bands and Gaussian channels suggest possible bullish cycles for Ethereum and other altcoins.

Bitcoin Price Slides Below $68,350 Pivot Point; More sales ahead?

Bitcoin The price of slipped to $67,789, showing a slight decline of 0.15%. The pivot point, marked by the green line, is at $68,352 and serves as a critical level to determine the direction of the market and signals a bearish trend. Bitcoin price prediction.

Immediate resistance is seen at $68,918, with further resistance levels at $69,588 and $70,644. On the downside, Bitcoin finds immediate support at $67,265, followed by stronger support at $66,380 and $65,144.

Key technical indicators:

• Relative Strength Index (RSI): 48.40, indicating neutral market sentiment.
• 50 EMA (50 day exponential moving average): $68,918, which serves as an immediate resistance level.

Bitcoin price prediction

The RSI suggests balanced buying and selling pressure, while the 50-day EMA represents a key resistance level. The current technical setup for Bitcoin shows that holding above the $68,352 pivot point is crucial. A break below this level could trigger further declines, while holding above it could lead to bullish momentum, targeting higher resistance levels.

Conclusion: Bitcoin’s prospects depend on its ability to stay above the $68,350 pivot point. A break below this level could trigger a significant selling trend, while holding above it could push the price towards higher resistance levels, indicating potential bullish momentum.

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