Bitcoin Price Prediction as Crypto Market Cap Slumps 6.4% – Time to Buy?

Forex
May 1, 2024
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Bitcoin Price Prediction

Bitcoin’s (BTC) recent price trajectory has fueled speculation and uncertainty, particularly as the cryptocurrency struggles amidst a three-day losing streak. Currently hovering around $57,280, with an intraday low of $56,750, Bitcoin’s performance in the market remains lackluster.

This decline coincides with broader market movements, with the global crypto market cap slumping by 6.4%, standing at $2.22 trillion presently. Investors are closely eyeing the upcoming Federal Reserve interest rate decision, reflecting apprehension about its potential impact on cryptocurrency investments.

Bitcoin Price Drops Pre-FOMC Meeting Amid USD Strength

Bitcoin‘s price has declined over the last three days ahead of the Federal Open Market Committee (FOMC) meeting, with investors bracing for a potentially hawkish Federal Reserve (Fed) stance. The Federal Reserve’s policy committee is expected to affirm a cautious and gradual strategy towards reducing interest rates in 2024. However, greater focus may be placed on the Fed’s plans regarding its balance sheet.

The CME FedWatch Tool indicates a mere 4.4% chance of a rate cut, with 95.6% anticipating rates to remain steady between 525 and 550 basis points. The Federal Open Market Committee will wrap up its two-day April policy meeting today and announce its decision at 2 p.m. Eastern Time. Fed Chairman Jerome Powell will then speak at a press conference starting at 2:30 p.m. Futures markets have largely priced in the likelihood of no adjustment to interest rates during this meeting.

Bitcoin, now trading around $56,500, has plunged over 7% in 24 hours amid renewed economic uncertainty.
Investor sentiment leans towards the Fed refraining from rate cuts this year, adversely affecting assets like cryptocurrencies.
The US dollar has strengthened on upbeat Employment Cost Index data and Fed officials’ remarks signalling no immediate rate cut necessity, exacerbating pressure on BTC prices and the crypto market overall.

Bitcoin Price Prediction

Bitcoin (BTC/USD) encountered a substantial decline. It is now priced at $57,332, reflecting a 6.4% downturn. The pivotal price levels and indicators are essential to the technical landscape. At present, the pivot point rests at $59,008, with immediate resistance observed at $61,569, followed by subsequent hurdles at $64,654 and $67,084.

Conversely, support levels stand at $55,051, $53,072, and $51,035.

Bitcoin Price Prediction – Source: Tradingview

Noteworthy indicators include an oversold Relative Strength Index (RSI) at 25, signalling a potential reversal, and the 50-Day Exponential Moving Average (50 EMA) positioned at $63,473, potentially acting as resistance.

Below the pivotal level of $59,008, the outlook remains bearish, with a breakthrough indicating a shift towards a more bullish sentiment, while a failure may reinforce the prevailing bearish bias. Traders should closely monitor these levels for strategic decision-making.

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