Bitcoin is currently facing bearish trends due to the strength of the US dollar, which has increased as investors scale back expectations for a Federal Reserve interest rate cut in September. The robust US labor market and ongoing inflation have pushed the US dollar to near a one-month high, putting downward pressure on BTC prices. Traders are cautious about placing strong bids as they await the latest US consumer inflation figures and outcomes of the FOMC meeting scheduled for later in the week. Market indicators suggest that the Fed might consider a modest rate cut later this year, possibly in November or December.
Peter Schiff has expressed concerns about Bitcoin’s stability amid the potential influx of institutional ETF buyers. Schiff argues that relying on ETF purchases to drive Bitcoin prices could increase market volatility since ETF buyers may eventually sell off their holdings, contrasting with spot buyers who typically hold Bitcoin for the long term. However, there are differing opinions on whether ETF buyers are long-term investors or not. Schiff’s skepticism about Bitcoin’s future, despite excitement over ETF approvals, could contribute to market uncertainty and impact Bitcoin’s price.
In terms of Bitcoin price predictions, Bitcoin is currently trading around $66,850, facing challenges to maintain its position above the pivot point at $65,985. Immediate resistance is observed at $67,600, indicating potential barriers for upward movement, with further resistance levels at $69,200 and $71,000. On the downside, Bitcoin has immediate support at $64,600, with additional support levels at $63,450 and $62,200. The RSI is at 37, suggesting bearish momentum, with the price below the 50-day EMA of $69,000, supporting the bearish outlook. Investors need to monitor key levels closely to gauge the market’s direction.
99Bitcoins is offering a presale opportunity for users to earn $99BTC tokens, enabling access to premium content and perks within the community. The presale offers tokens at $0.00107 each, raising over $1.9 million toward a $2.48 million goal with just over a day left until the next pricing stage. Early investors can benefit from immediate staking opportunities. It is crucial for investors to take advantage of this limited-time offer to invest in 99Bitcoins at the current price and start enjoying the platform’s benefits before the price increases in the next stage. While this opportunity presents exciting prospects, it is essential to remember that crypto investments are high-risk and speculative and should be approached with caution as a loss of capital is possible.
