Bitcoin Price Prediction as BTC Hits $60k After FED’s Rate Cut Comments – What’s Next?

Forex
May 11, 2024
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Bitcoin Price Prediction

Bitcoin (BTC/USD) recently crossed the $60,000 threshold, only to face new challenges from Federal Reserve sentiment. The cryptocurrency, currently trading around $60,800, experienced a modest drop of about 1.50% over the last day, keeping the bitcoin price prediction bearish.

This market movement aligns closely with remarks from Federal Reserve Governor Michelle Bowman, as reported by financial journalist Walter Bloomberg, indicating that rate cuts are not seen as necessary this year.

FED’S BOWMAN: DOESN’T SEE RATE CUTS AS WARRANTED THIS YEAR

— *Walter Bloomberg (@DeItaone) May 10, 2024

These comments from a Fed official have injected a note of caution into the market, moderating expectations that had been buoyed by the possibility of looser monetary policy.

With this backdrop, investors are closely monitoring further economic updates to gauge potential shifts in Fed strategy that could influence Bitcoin’s market dynamics in the upcoming months.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is trading at $60,800, marking a decline of around 1.50% over the last 24 hours. Given this slight decline, the market seems concerned about Bitcoin price prediction.

Yet, BTC continues to be the most valuable cryptocurrency, with a market capitalization of about $1.2 trillion. The trading volume within this period has reached a substantial $22 billion, reflecting the high level of activity in the Bitcoin market.

From a technical perspective, Bitcoin’s key pivot point is $60,975. Immediate resistance is found at $63,400, with further barriers at $65,050 and $67,160. These levels will need to be surpassed for Bitcoin to regain bullish momentum.

Conversely, immediate support lies at $59,075. If this level fails to hold, subsequent support levels at $56,640 and $54,400 will become the focal points for potential bearish pressure.

Bitcoin Price Prediction – Source: Tradingview

The Relative Strength Index (RSI) is currently at 38, suggesting a potential oversold condition but also indicating that there might be further downside if market sentiment does not improve. Moreover, the 50-day Exponential Moving Average (EMA), positioned at $62,151, is providing significant resistance.

In summary, Bitcoin currently shows a bearish trend as it trades below the critical pivot point of $60,975. Maintaining this position might result in additional decreases, potentially reaching the support level of $59,075.

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