Bitcoin Price Prediction as BTC Falls to $62,247 Despite Positive Market Expectations – Time to Buy?

Forex
April 29, 2024
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Bitcoin Price Prediction

Amidst positive market expectations, Bitcoin (BTC) faces a downtrend, dropping to $62,247 with an intra-day low of $62,007. Global tensions and US Department of Justice actions against crypto founders fuel this decline.

Additionally, apprehensions regarding China’s economic stability add to investor concerns. The slump is exacerbated by slowed ETF inflows, as investors withdraw $218 million from Bitcoin ETFs amidst sluggish US economic growth.

Diminished prospects of a Federal Reserve interest rate cut contribute to negative sentiment, shaping Bitcoin’s current trajectory.

Australian Bitcoin ETF Impact: Potential Boost for BTC Price & Institutional Interest

The imminent introduction of spot Bitcoin ETFs in Australia, following the success of similar products in the United States, promises to reshape the landscape of cryptocurrency investment in the region.

As ASX Ltd, the Australian public company that operates Australia’s primary securities exchange, gears up to approve the country’s first spot Bitcoin ETFs by the end of 2024, market players like Van Eck Associates Corp. and BetaShares Holdings Pty are actively positioning themselves to seize this opportunity.

The potential impact of Australian spot Bitcoin ETFs on BTC price and market dynamics is significant, with implications for both institutional interest and the influx of investments from Australia’s substantial pension market.

Key Points:

Van Eck Associates Corp. and BetaShares Holdings Pty are set to introduce spot Bitcoin ETFs in Australia.
ASX Ltd. expected to approve the country’s first spot Bitcoin ETFs by 2024.
US Bitcoin ETFs attracted $53 billion in investments this year, driving interest in Australia’s $2.3 trillion pension market.
Introduction of Australian Bitcoin ETFs signals growing institutional interest and potential for increased investment in BTC.

Bitcoin ETF Outflows: Impact on BTC Price Amid Economic Growth Concerns

Recent data reveals a noteworthy decline in cash inflows into Bitcoin exchange-traded funds (ETFs), with investors withdrawing approximately $218 million from these investment vehicles.

This shift in investment patterns stems from a federal economic report highlighting slower-than-anticipated growth in the US economy, diminishing expectations of Federal Reserve interest rate cuts.

Consequently, higher interest rates dissuade investors from allocating funds to volatile assets like Bitcoin, favoring more stable alternatives.

Key Points:

Investors withdrew nearly $218 million from Bitcoin ETFs due to concerns over sluggish US economic growth.
Slower growth reduces prospects of Federal Reserve interest rate cuts, impacting investor sentiment.
Approval of 11 Bitcoin ETFs in January initially drove significant investment inflows.

Bitcoin Price Prediction

Today, Bitcoin (BTC/USD) is priced at $62,247, with a chart timeframe indicating ongoing volatility. Key price levels suggest a pivot point at $62,899, signaling a crucial juncture for market direction. Immediate resistance stands at $64,884, followed by $67,084 and $68,734. Conversely, immediate support lies at $61,062, with subsequent levels at $59,660 and $58,175.

Technical indicators reveal mixed signals, with the Relative Strength Index (RSI) at 33, indicating a neutral stance. The 50-day Exponential Moving Average (EMA) stands at $63,655, providing additional insight into price trends.

Bitcoin Price Prediction – Source: Tradingview

Conclusion: Bitcoin remains bearish below the pivot point of $62,899. A breakout above this level could signal a shift towards a more bullish bias, while a failure to breach could reinforce bearish sentiments in the market.

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