Bitcoin
Bitcoin Price Prediction as BTC Hits $60K After FED Rate Cut Comments – What’s Next?
Last updated: May 11, 2024 11:32 am EDT | 2 minutes of reading
Bitcoin (BTC/USD) recently surpassed the $60,000 threshold, only to face further challenges from Federal Reserve sentiment. The cryptocurrency, currently trading at around $60,800, has seen a modest drop of around 1.50% in the last day, holding bitcoin back price prediction rude.
This market movement is closely aligned with Federal Reserve Governor Michelle Bowman’s remarks, as reported by financial journalist Walter Bloomberg, indicating that rate cuts are not seen as necessary this year.
FED’S BOWMAN: DOESN’T SEE RATE CUTS AS GUARANTEED THIS YEAR
– *Walter Bloomberg (@DeItaone) May 10, 2024
These comments from a Fed official injected a note of caution into the market, moderating expectations that had been driven by the possibility of a looser monetary policy.
With this scenario, investors are closely monitoring new economic updates to assess possible changes in the Fed’s strategy that could influence Bitcoin market dynamics in the coming months.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is trading at $60,800, marking a drop of around 1.50% in the last 24 hours. Given this slight decline, the market appears concerned about Bitcoin Price Prediction.
However, BTC remains the most valuable cryptocurrency, with a market capitalization of around US$1.2 trillion. Trading volume in this period reached a substantial US$22 billion, reflecting the high level of activity in the Bitcoin market.
From a technical perspective, Bitcoin’s main pivot point is $60,975. Immediate resistance is found at $63,400, with additional barriers at $65,050 and $67,160. These levels will need to be surpassed for Bitcoin to regain bullish momentum.
On the other hand, immediate support is at $59,075. If this level does not hold, subsequent support levels at $56,640 and $54,400 will become the focal points for potential downward pressure.
The Relative Strength Index (RSI) is currently at 38, suggesting a potential oversold condition, but also indicating that there could be further downside if market sentiment does not improve. Furthermore, the 50-day exponential moving average (EMA) positioned at $62,151 is offering significant resistance.
In summary, Bitcoin is currently showing a downtrend as it trades below the $60,975 critical point. Holding this position could result in further declines, potentially reaching the $59,075 support level.
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