Bitcoin Price Forecast Amid Fresh Revenue and Expenditure Figures: Can Cryptocurrencies Stage a Rally?
Arslan Butt
Last Updated:
June 29, 2024, 01:21 EDT
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Read Time: 3 min
Bitcoin Price Projection
Bitcoin (BTC) has surged beyond the psychological support level at $60,000 to transact above $60,500. The Core PCE Price Index, the Federal Reserve’s preferred indicator for inflation, reported a 0.1% figure, slightly below the anticipated 0.2%.
Meanwhile, the Revised UoM Consumer Sentiment also failed to meet expectations, posting a reading of 65.6 as opposed to the projected 65.9.
As Bitcoin (BTC) maintains its position above the $60,500 threshold following a bounce-back from its recent slump, the cryptocurrency sphere closely tracks the interplay between recent U.S. economic statistics and Bitcoin price forecasts.
Key Economic Stats and Influence
The lower-than-estimated inflation metrics might signify a easing of inflationary strains, potentially lessening the necessity for the Fed to persist with its robust interest rate hikes.
This could be viewed as a favorable development for Bitcoin, hinting at a more conducive atmosphere for risk-related assets.
Conversely, the decline in consumer sentiment could hint at apprehensions regarding the broader economic outlook, potentially dampening investor optimism.
Bitcoin’s Market Performance
Rebounding off the psychological $60,000 support tier, Bitcoin is presently trading above $60,500 as of June 29th. This recovery implies that the market might interpret the economic indicators as moderately pessimistic, though not as dire as feared.
The unveiling of crucial economic data has caused a diversified impact on Bitcoin, with the digital asset exhibiting resilience by bouncing off the $60,000 support level.
Despite indications of a less aggressive Fed in the short term, investors are advised to exercise prudence and closely monitor the evolving macroeconomic terrain and regulatory climate.
Bitcoin Price Projection
The current price of Bitcoin stands at $60,695, with a 24-hour trading volume surpassing $23.9 billion. Despite a 1.45% decline in the past day, its market capitalization remains substantial at $1,196.78 billion.
From a technical standpoint, Bitcoin’s chart presents a juxtaposition of patterns. While an ascending triangle pattern points towards a potential bullish trend continuation, breaching the 50-day exponential moving average ($61,500) could introduce bearish elements.
The current RSI muster a neutral stance at 50.
Key Price Thresholds to Observe comprise a pivot stance at $61,200, resistance levels at $62,000 and $63,000, and support levels at $59,000, $58,000, and $57,000.
A conclusion below the pivot mark could trigger further drops towards these support levels. Conversely, breaching the 50-day EMA could pave the path for an upswing towards the $63,000 resistance level. The comprehensive technical outlook for Bitcoin remains uncertain.
Traders ought to diligently monitor price dynamics around the designated levels, particularly the $61,200 pivot, to discern the market’s subsequent course of action.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is offered for informational purposes and does not constitute investment advice. Capital losses are plausible.