Blockchain
Bitcoin Price Prediction with $80,000 on the Horizon: Will BTC Rally Soon?
Last Updated: May 24, 2024 6:17am EDT | 3 minute read
Bitcoin (BTC), the main cryptocurrency, struggled to stop its previous downtrend, settling around the $67,824 mark and hitting a daily low of $66,600. The decline intensified following the release of robust U.S. labor market and services PMI data, which reduced investor expectations of a Fed rate cut in September and dampened demand for higher assets. risky.
Looking ahead, Bitcoin investors will be focused on upcoming comments from Fed officials, particularly Waller, who will speak on Friday.
Aggressive comments could weigh on Bitcoin. Additionally, upcoming reports on US Durable Goods Orders and Michigan Consumer Confidence Index will also influence market sentiment.
Strengthening of the US dollar and positive impact of economic data on Bitcoin prices
The US dollar has strengthened recently on positive economic data, decreasing the likelihood of a rate cut by the Federal Reserve in September. This has put pressure on the cryptocurrency market, including Bitcoin.
Atlanta Fed President Raphael Bostic highlighted ongoing inflation concerns, suggesting the Fed could keep rates higher to avoid economic overheating.
- FedWatch Tool: The odds of unchanged rates in September increased from 41.9% to 48.4% on May 23.
- Initial Unemployment Claims in the United States: They decreased from 8,000 to 215,000 in the week ending May 18.
- PMI data: The manufacturing PMI rose to 50.9 in May, the services PMI rose to 54.8, and the composite PMI jumped to 54.4, all of which came above expectations.
The strengthening US dollar and positive economic indicators have made investments in cryptocurrencies like Bitcoin less attractive due to higher opportunity costs.
Bitcoin Sees Bullish Trend Amid US Regulatory Changes
Recent regulatory changes in the United States have triggered a bullish trend for Bitcoin. Key developments include members of Congress urging the SEC to approve the commercial Ethereum (ETH) ETF and the approval of the FIT21 law, which clarifies the regulations on cryptocurrencies.
Additionally, major Bitcoin holders, known as “whales,” have amassed 20,000 BTC, worth approximately $1.4 billion, over the past week.
- Strong activity has also been seen in Bitcoin-related ETFs, with $1.7 billion flowing into these funds over the past eight days.
These regulatory changes and positive developments have spurred demand for Bitcoin, with significant accumulation by whales and substantial inflows into spot Bitcoin ETFs.
Bitcoin price prediction
Bitcoin (BTC/USD) is currently trading at $67,835, down 2.25% over the past 24 hours, signaling a bearish trend. Bitcoin price prediction. THE
Bitcoin price is currently trading at $67,860, down 0.27% over the past 24 hours. The 4-hour chart highlights a pivot point at $68,263. The immediate resistance levels to watch are $70,029, $71,458, and $73,299. On the downside, immediate support levels are at $66,357, $64,947, and $63,490.
The Relative Strength Index (RSI) is at 40, indicating that Bitcoin is approaching oversold conditions. The 50-day exponential moving average (EMA) is at $68,615, suggesting a bearish trend as prices are trading below this average.
In conclusion, Bitcoin remains bearish below $68,250. A break above this level could shift the trend higher, while a continued decline could lead to further losses.
Conclusion: Bitcoin’s current price movement suggests a bearish outlook as it trades below the $68,263 pivot point. The immediate resistance levels are at $70,030, $71,450 and $73,300, while the support levels are at $66,357, $64,947 and $63,490.
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