Bitcoin Price Prediction with $80K on the Horizon – Will BTC Rally Soon?
Bitcoin Price Prediction
Bitcoin (BTC), the leading cryptocurrency, struggled to halt its previous bearish trend, hovering around the $67,824 mark and hitting an intra-day low of $66,600. The decline intensified following the release of robust US labor market and Services PMI data, which reduced investor expectations of a September Fed rate cut and decreased demand for riskier assets.
Looking ahead, Bitcoin investors will focus on upcoming comments from Fed officials, particularly Fed’s Waller, who is scheduled to speak on Friday.
Hawkish remarks could weigh on Bitcoin. Furthermore, upcoming US Durable Goods Orders and Michigan Consumer Sentiment Index reports will also influence market sentiment.
Strengthening US Dollar and Positive Economic Data Impact on Bitcoin Prices
The US dollar has strengthened recently due to positive economic data, decreasing the likelihood of a Federal Reserve rate cut in September. This has pressured the crypto market, including Bitcoin.
Atlanta Fed President Raphael Bostic highlighted ongoing inflation concerns, suggesting the Fed might maintain higher rates to avoid economic overheating.
FedWatch Tool: Chances of unchanged rates in September rose from 41.9% to 48.4% on May 23rd.
US Initial Jobless Claims: Fell by 8,000 to 215,000 for the week ending May 18.
PMI Data: Manufacturing PMI increased to 50.9 in May, Services PMI rose to 54.8, and Composite PMI jumped to 54.4, all surpassing expectations.
The stronger US dollar and positive economic indicators have made crypto investments like Bitcoin less appealing due to higher opportunity costs.
Bitcoin Sees Bullish Trend Amid US Regulatory Changes
Recent regulatory changes in the US have sparked a bullish trend for Bitcoin. Key developments include Congress members urging the SEC to approve spot Ethereum (ETH) ETFs and the passing of the FIT21 bill, which clarifies cryptocurrency regulations.
Additionally, major Bitcoin holders, known as “whales,” have accumulated 20,000 BTC, worth around $1.4 billion, in the past week.
Strong activity in Bitcoin-linked ETFs has also been observed, with $1.7 billion flowing into these funds over the last eight days.
These regulatory changes and positive developments have boosted 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, signalling a bearish 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. 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 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 see further losses.
Bitcoin Price Prediction
Conclusion: Bitcoin’s current price action suggests a bearish outlook as it trades below the pivot point of $68,263. Immediate resistance levels 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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