Falls to $60,620 amid Fed rate cut speculation and ETF inflows

Last updated: May 10, 2024 4:48 pm EDT | 3 minute read

Bitcoin price prediction

Today, Bitcoin is trading at $60,620, marking a 4% decline in the last 24 hours. The cryptocurrency’s recent rally is attributed to accommodative economic data from the United States, which suggests possible rate cuts by the Federal Reserve.

This anticipation weakened the dollar and, in turn, increased the value of Bitcoin. Furthermore, significant inflows of $11.54 million into Bitcoin ETFs, such as Grayscale and Bitwise, coupled with Trump’s positive remarks on cryptocurrencies further fueled the upward movement.

Rising US jobless claims boost cryptocurrency market amid rate cut hopes

The last one US employment data reveals a slowing job market, sparking optimism in the cryptocurrency sector. Recently, the U.S. Bureau of Labor Statistics reported that initial unemployment claims unexpectedly increased to 231,000 for the week ending May 3, significantly higher than the 210,000 expected.

This increase suggests a weakening job market, which could prompt the Federal Reserve to consider rate cuts sooner than expected, a scenario that typically benefits cryptocurrencies like Bitcoin.

Investors are now eagerly awaiting more economic reports, like that one Consumer Price Index (CPI) and the Producer Price Index (PPI), to assess future directions of monetary policy.

This expectation favors a bullish outlook for cryptocurrencies.

• Unexpected increase: Jobless claims reached 231,000, suggesting a weakening job market.
• Impact of the Federal Reserve: Potential rate cuts could boost cryptocurrency investments.
• Market observation: Investors await the CPI and PPI reports for further economic clues.

Jack Dorsey’s $1 Million Bitcoin Prediction Faces Regulatory and Market Challenges

Jack Dorsey, co-founder and former CEO of Twitter, made a bold prediction that Bitcoin will reach at least $1 million by 2030. This prediction coincides with its recent departure from decentralized platform BlueSky, motivated by a move away from its original vision of true decentralization.

At the same time, Dorsey’s fintech venture Block faces regulatory scrutiny, impacting its services like Square and Cash App. Despite these challenges, Bitcoin shows robustness in the market, maintaining a price of around $61,000.

While Dorsey remains optimistic about Bitcoin’s potential, ongoing regulatory pressures and market uncertainties continue to pose significant challenges.

• Bold Prediction: Jack Dorsey predicts Bitcoin will reach $1 million by 2030.
• Regulatory control: Block, including Square and Cash apps, under compliance scrutiny.

Today, Bitcoin is priced at $60,620, registering a decline of around 4% in the last 24 hours. Bitcoin price prediction looks bearish as BTC holds below $60,975. Above this pivot, immediate resistance levels are observed at $63,400, followed by $65,050 and extending up to $67,160, which could challenge further upside moves.

Instead, support levels are marked distinctly, starting from $59,075 and subsequent supports at $56,640 and $54,400.

Bitcoin price prediction

Technical indicators reflect a cautious outlook; the Relative Strength Index (RSI) stands at 38, indicating a potential overselling scenario. The 50-day exponential moving average (EMA) is positioned at $62,325, providing a reference point for the current price action.

Bitcoin’s recent market behavior shows a bearish engulfing pattern on the 4-hour chart, breaching the uptrend line at $60,975. This breakdown suggests potential downside pressure, targeting the immediate support level at $59,075.

Conclusion: Bitcoin’s current market position is bearish, below the $60,975 mark. A decisive move above this level could, however, point towards an uptrend.

Unlock Early Benefits: 99Bitcoins Token Presale Now Available!

THE 99Bitcoin presale is currently underway, offering a unique opportunity in cryptocurrency education. By participating in this learn-to-earn platform, users can improve their understanding of digital currencies by acquiring $99BTC tokens, which are both a reward mechanism and access to premium content and community benefits.

With the token price set at $0.00104 each, early investors are provided with an affordable entry point to start growing their skills and investments simultaneously.

As of now, the pre-sale has successfully raised $1,169,037, getting close to its goal of $1,892,544. With only four days and just over an hour remaining before the next stage price increase, this limited-time offer represents a critical time for investors to purchase $99BTC and gain access to immediate staking options.

Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.

Fuente