Bitcoin Price Prediction: BTC Poised to Rally with $80K Target in Sight
Bitcoin (BTC), the leading cryptocurrency, continues to face challenges as it struggles to break its bearish trend. Currently hovering around the $67,824 mark, BTC experienced an intraday low of $66,600. The decline was exacerbated by the release of robust US labor market and Services PMI data, which reduced investor expectations of a September Fed rate cut and dampened demand for riskier assets.
Looking ahead, Bitcoin investors are eagerly awaiting comments from Fed officials, particularly Fed’s Waller, who is scheduled to speak on Friday. The tone of his remarks could have an impact on Bitcoin’s performance. Additionally, upcoming reports on US Durable Goods Orders and the Michigan Consumer Sentiment Index will also influence market sentiment.
Bitcoin prices have been affected by the recent strengthening of the US dollar, which is a result of positive economic data. This has diminished the likelihood of a Federal Reserve rate cut in September and put pressure on the crypto market, including Bitcoin. Atlanta Fed President Raphael Bostic has expressed concerns about inflation and hinted that the Fed might keep rates higher to prevent economic overheating.
According to the FedWatch Tool, the chances of unchanged rates in September rose from 41.9% to 48.4% on May 23rd. In addition, US Initial Jobless Claims fell by 8,000 to 215,000 for the week ending May 18, while PMI data showed positive signs with Manufacturing PMI increasing to 50.9, Services PMI rising to 54.8, and Composite PMI jumping to 54.4, all surpassing expectations.
The stronger US dollar and positive economic indicators have made crypto investments like Bitcoin less attractive due to higher opportunity costs.
However, Bitcoin has seen a bullish trend recently due to regulatory changes in the US. Congress members have been urging the SEC to approve spot Ethereum (ETH) ETFs, and the passing of the FIT21 bill has provided clarity on cryptocurrency regulations. In addition, major Bitcoin holders, known as “whales,” have accumulated 20,000 BTC, worth around $1.4 billion, in the past week. There has also been significant activity in Bitcoin-linked ETFs, with $1.7 billion flowing into these funds over the last eight days.
These regulatory changes and positive developments have boosted demand for Bitcoin, leading to significant accumulation by whales and substantial inflows into spot Bitcoin ETFs.
Currently, Bitcoin (BTC/USD) is trading at $67,835, down 2.25% over the past 24 hours, signaling a bearish outlook. The 4-hour chart indicates a pivot point at $68,263, with immediate resistance levels at $70,029, $71,458, and $73,299, and immediate support levels at $66,357, $64,947, and $63,490. The Relative Strength Index (RSI) is at 40, suggesting that Bitcoin is approaching oversold conditions. The 50-day Exponential Moving Average (EMA) is at $68,615, indicating a bearish trend as prices trade below this average.
In conclusion, Bitcoin remains bearish below $68,250. A break above this level could shift the trend to bullish, while a continued decline could lead to further losses.
Bitcoin Price Prediction: Outlook Remains Bearish as BTC Trades Below Pivot Point
In summary, Bitcoin’s current price action suggests a bearish outlook as it continues to trade below the pivot point of $68,263. Immediate resistance levels to watch are at $70,030, $71,450, and $73,300, while support levels are at $66,357, $64,947, and $63,490.
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