Bitcoin Price Forecast: BTC Surges to $63,000; Is $65,000 Possible?
Bitcoin’s price has recently surpassed the $63,000 mark, showing a slight recovery from previous losses, despite the prevailing negative sentiment towards cryptocurrencies. This increase in Bitcoin’s value can be attributed to the weakening U.S. dollar, which experienced a 0.2% dip on Monday.
However, there is caution in the markets due to the upcoming major payout event involving the defunct exchange Mt Gox. Starting in early July, Mt Gox will distribute Bitcoin that was stolen in a 2014 hack. Traders are concerned that recipients might sell the tokens, potentially triggering a sell-off due to the significant increase in Bitcoin’s value over the years. This fear contributed to Bitcoin’s steep losses in late June, compounded by outflows from crypto investment products for two consecutive weeks.
In contrast to Bitcoin, altcoin prices saw gains on Monday as they recovered from the severe losses experienced in June. Ethereum, the second-largest cryptocurrency, increased by over 2.5% to $3,475, fueled by speculation that the SEC might approve an Ether-based ETF soon. Other altcoins such as Solana (SOL), Ripple (XRP), and Cardano (ADA) also experienced gains between 1.5% and 4.5%, although trading volumes were low. Even meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) saw small increases of over 2% and 1%, respectively.
Nevertheless, the overall sentiment in the crypto market remains cautious ahead of upcoming U.S. economic data and insights into interest rate adjustments. This week is particularly important, with Federal Reserve Chair Jerome Powell scheduled to speak and the release of the Fed’s June meeting minutes and nonfarm payroll data, which could provide further guidance on interest rates. Traders are increasingly betting on a potential rate cut by the Fed in September, which has also provided some support to the cryptocurrency market.
Bitcoin’s price currently stands at $63,083, marking a 0.44% rise. The pivotal point on the 4-hour chart is set at $62,755, with immediate resistance at $63,881 and subsequent barriers at $64,735 and $65,589. It is crucial to monitor the support levels, with immediate support at $61,829 and further support at $60,695 and $59,901, as they could stabilize any price dips.
Technical indicators offer a bullish signal, with the Relative Strength Index (RSI) at 60, indicating a healthy upward momentum. The 50-day Exponential Moving Average (EMA) at $62,140 reinforces the trend above the pivot point. However, if Bitcoin breaks below $62,755, it could trigger a significant selling trend, signaling a shift in market sentiment.
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