Bitcoin, the leading cryptocurrency, experienced a shift in trend from bullish to bearish after reaching an intra-day high of $69,977 and falling to $67,039. The current price stands at $67,600.32, with a 24-hour trading volume of $35.93 billion. This change was influenced by a surprising drop in U.S. inflation, which initially supported the upward move. However, the Federal Reserve’s hawkish stance, predicting only one rate cut in 2024, exerted downward pressure on Bitcoin. Traders are now looking ahead to upcoming U.S. economic data, such as the Producer Price Index and Weekly Initial Jobless Claims, for new trading opportunities and further impact on Bitcoin price predictions.
The Federal Reserve’s unexpected hawkish stance and stable inflation data have overshadowed softer consumer inflation figures, putting downward pressure on Bitcoin’s price. This shift in policy, predicting only one rate cut in 2024 instead of three, has pushed U.S. Treasury bond yields higher and strengthened the U.S. Dollar, reducing Bitcoin’s appeal to investors. Despite an initially positive reaction to softer inflation data, the Fed’s announcement led to a decrease in Bitcoin’s price. This, coupled with stable inflation figures reported by the U.S. Bureau of Labor Statistics, has resulted in increased pressure on the cryptocurrency.
Bitcoin whales, or large investors, took advantage of the recent price drop to accumulate substantial amounts of BTC, signaling strong investor confidence. On June 11, these whales acquired 20,600 BTC, valued at approximately $1.38 billion, the most bought in a single day since February. The accumulation of Bitcoin during market fluctuations suggests potential support for the cryptocurrency’s price. Additionally, renewed interest in U.S. Bitcoin ETFs, with notable net inflows on Wednesday, points to increased investor confidence and potential price stability around $67,650 amid market uncertainties.
Bitcoin’s current trading price is around $66,850, facing challenges in maintaining its position above the pivot point at $65,985. The cryptocurrency is currently trading at $67,600, with key resistance levels at $70,000, $71,700, and $72,900, and support levels at $66,000, $64,600, and $63,200. The Relative Strength Index is at 44, indicating neutral momentum, while the 50-day Exponential Moving Average suggests a bearish trend. Bitcoin remains bearish below the $68,500 pivot point, with a potential bullish reversal if it breaks above this level.
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