Bitcoin (BTC) experienced a strong surge to an intra-day high of $65,100 before dropping near $63,000, maintaining its upward trend while other altcoins like Ethereum (ETH) and Dogecoin (DOGE) saw minor dips. Fidelity’s investment in a Bitcoin ETF reflected strong institutional confidence, contributing to Bitcoin’s recent bullish performance. Slower economic growth and high inflation in the US could weaken investor sentiment and put downward pressure on the US dollar, making Bitcoin more appealing as a hedge against inflation. Financial expert Robert Kiyosaki endorsed Cathie Wood’s Bitcoin price prediction, supporting Ark Invest’s forecast that Bitcoin could soar to between $120,000 and $2.3 million due to potential institutional investments. Kiyosaki encourages embracing risks and investing in Bitcoin for both financial growth and valuable lessons, potentially boosting investor confidence and demand for Bitcoin.
Mark Yusko, CEO of Morgan Creek Capital, predicts a significant $300 billion transfer from American baby boomers’ retirement accounts into cryptocurrency, particularly through Bitcoin ETFs. Despite the current $53 billion value of Bitcoin ETFs, Yusko sees this as just the beginning and suggests that this influx could boost Bitcoin’s total market value close to $6 trillion, marking a substantial market upswing. This shift in investment trends towards cryptocurrency represents a pivotal moment in the industry. In the first quarter of 2024, US economic growth underperformed, with high inflation of 3.4% above the Federal Reserve’s target of 2%. Despite these conditions, the likelihood of a Federal Reserve rate cut in June remains low, causing investors to look towards inflation hedges like Bitcoin.
Bitcoin’s current price stands at $63,751.01, with a trading volume of around $26.74 billion in the last 24 hours and a market capitalization of approximately $1.255 trillion. The cryptocurrency is hovering just above a key level of $63,580, with support levels at $62,460, $60,990, and $59,745, and resistance levels at $65,092, $66,745, and $68,350. Technical indicators suggest a bearish sentiment, with the RSI at 44 and the 50-day EMA below the current price, indicating potential downward movement. The outlook remains bearish as long as the price stays below $63,580, but a reversal above this level could shift the bias to bullish, presenting an opportunity for a recovery towards higher resistance levels.
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