Bitcoin, the leading cryptocurrency, struggled to halt its previous bearish trend, hovering around the $67,824 mark and hitting an intra-day low of $66,600. The decline intensified following the release of robust US labor market and Services PMI data, which reduced investor expectations of a September Fed rate cut and decreased demand for riskier assets. Bitcoin investors will focus on upcoming comments from Fed officials, particularly Fed’s Waller, who is scheduled to speak on Friday. Hawkish remarks could weigh on Bitcoin, and upcoming US Durable Goods Orders and Michigan Consumer Sentiment Index reports will also influence market sentiment. The strengthening US Dollar and positive economic data have impacted Bitcoin prices negatively.
The US dollar has strengthened recently due to positive economic data, decreasing the likelihood of a Federal Reserve rate cut in September. This has pressured the crypto market, including Bitcoin. Atlanta Fed President Raphael Bostic highlighted ongoing inflation concerns, suggesting the Fed might maintain higher rates to avoid economic overheating. The FedWatch Tool showed that chances of unchanged rates in September rose from 41.9% to 48.4% on May 23rd. Additionally, US Initial Jobless Claims fell by 8,000 to 215,000 for the week ending May 18, with PMI Data exceeding expectations. The stronger US dollar and positive economic indicators have made crypto investments like Bitcoin less appealing due to higher opportunity costs.
Recent regulatory changes in the US have sparked a bullish trend for Bitcoin, with Congress members urging the SEC to approve spot Ethereum ETFs and the passing of the FIT21 bill clarifying cryptocurrency regulations. Major Bitcoin holders, known as “whales,” have accumulated 20,000 BTC, worth around $1.4 billion, in the past week. Significant activity in Bitcoin-linked ETFs has also been observed, with $1.7 billion flowing into these funds over the last eight days. These regulatory changes and positive developments have boosted demand for Bitcoin, leading to significant accumulation by whales and substantial inflows into spot Bitcoin ETFs.
Bitcoin is currently trading at $67,835, down 2.25% over the past 24 hours, signaling a bearish trend. The 4-hour chart shows a pivot point at $68,263, with immediate resistance levels at $70,029, $71,458, and $73,299, and support levels at $66,357, $64,947, and $63,490. The Relative Strength Index is at 40, indicating approaching oversold conditions, while the 50-day Exponential Moving Average is at $68,615, suggesting a bearish trend as prices trade below this average. Bitcoin remains bearish below $68,250, with a break above this level potentially shifting the trend to bullish, while continued decline could result in further losses.
Bitcoin’s current price action indicates a bearish outlook as it trades below the pivot point of $68,263. Immediate resistance levels are at $70,030, $71,450, and $73,300, while support levels are at $66,357, $64,947, and $63,490. The Mega Dice presale is nearing its final stage, having raised $1,337,416.86 with over 19 million $DICE tokens sold out of 28 million. This surge in investment highlights the growing interest in crypto-integrated iGaming platforms within the Web3 space. Mega Dice Casino has reached 10,000 members in the $DICE Telegram SuperCommunity, engaging in discussions about $DICE, utilities, and partnerships, and providing technical support. In the GambleFi sector, Mega Dice uses $DICE tokens to enhance the online gaming experience, offering gameplay, exclusive competitions, and loyalty program rewards. Their buyback and burn strategy aims to maintain token scarcity and boost market value, making it a pivotal moment for potential investors to join the presale before the price increases to $0.075 per $DICE token.
