Bitcoin Price Prediction: Trades at $61,000 Amid Hawkish Fed Outlook; What’s Next?
Bitcoin (BTC) began the week on a downward trend, trading around $61,000 with an intraday low of $60,675. Despite a previous surge following the U.S. approval of exchange-traded funds (ETFs), Bitcoin has not regained momentum. The decline is largely due to hawkish comments from the Federal Reserve and speculation that the Fed may postpone its easing plans, driving investors toward safer assets amid economic uncertainty. This has strengthened the U.S. dollar, contributing to Bitcoin’s losses.
Hawkish Fed and Consumer Worries Weigh on USD and BTC
The U.S. Federal Reserve’s hawkish tone, alongside weaker consumer sentiment, has strengthened the dollar but applied downward pressure to Bitcoin. Fed officials, including San Francisco’s Mary Daly, have advocated for sustained restrictive policies to manage inflation, while others, like Atlanta’s Raphael Bostic, see potential rate cuts despite prevailing uncertainties. Conversely, Dallas Fed President Lorie Logan and Minneapolis Fed President Neel Kashkari underscore the risks of inflation, supporting a cautious approach towards rate adjustments.
El Salvador’s BTC Transparency Boosts Confidence but Faces Adoption Hurdles
El Salvador has taken a bold step in enhancing transparency around its Bitcoin investments by publicizing transaction data through a customized mempool. The country’s strategic approach includes holding 5,748.76 BTC, valued at over $352.8 million, and adhering to a Dollar-Cost Averaging (DCA) buying method. Despite these efforts and President Nayib Bukele’s regular Bitcoin acquisitions, only 12% of Salvadorans used Bitcoin for transactions in 2023.
Bitcoin Price Prediction
Today’s technical analysis of Bitcoin (BTC/USD) reveals a slight downtrend. The price is currently at $61,098, reflecting a decrease of 0.61%. Bitcoin price prediction struggles below a pivotal $61,764, indicating a potential continuation of the bearish trend. Resistance levels are significant at $63,824, $65,506, and $67,222, which BTC must overcome to reverse the downward momentum. Support, meanwhile, is firm at $60,185, with further potential floors at $58,812 and $56,640. The Relative Strength Index (RSI) is at 44, suggesting a neutral to bearish sentiment.
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Conclusion
Bitcoin’s price is currently experiencing a downward trend due to factors such as the hawkish stance of the Federal Reserve and weaker consumer sentiment. El Salvador’s transparency in its Bitcoin investments has boosted confidence but faces hurdles in adoption. The 99Bitcoins presale offers a unique opportunity for users to learn about digital currencies while acquiring tokens. However, the future of Bitcoin remains uncertain, and investors should tread carefully.
