Bitcoin
Bitcoin Price Prediction as Crypto Market Value Drops 6.4% – Time to Buy?
Last updated: May 1, 2024 09:09 EDT | 3 minutes reading
Bitcoin’s (BTC) recent price trajectory has fueled speculation and uncertainty, especially as the cryptocurrency struggles amid a three-day losing streak. Currently hovering around $57,280 with an intraday low of $56,750, Bitcoin Performance on the market remains lackluster.
This decline coincides with broader market movements, with the global crypto market capitalization falling 6.4% to currently stand at $2.22 trillion. Investors are paying close attention to the Federal Reserve’s upcoming interest rate decision, reflecting apprehension about its potential impact on cryptocurrency investments.
Bitcoin Price Falls Ahead of FOMC Meeting Amid Dollar Strength
Bitcointhe price fell in the last three days before the Federal Open Market Committee (FOMC) meeting, as investors braced themselves for a potentially aggressive stance from the Federal Reserve (Fed). The Federal Reserve’s policy committee is expected to affirm a cautious and gradual strategy towards lowering interest rates in 2024. However, greater attention may be placed on the Fed’s plans for its balance sheet.
The CME FedWatch tool indicates just a 4.4% probability of a rate cut, with 95.6% anticipating rates to remain stable between 525 and 550 basis points. The Federal Open Market Committee will wrap up its two-day April policy meeting today and announce its decision at 2 p.m. ET. Fed Chairman Jerome Powell will then speak at a press conference starting at 2:30 p.m. Futures markets have largely priced in the likelihood of no interest rate adjustments during this meeting.
- Bitcoinnow trading around $56,500, it has fallen more than 7% in 24 hours amid new economic uncertainty.
- Investor sentiment leans towards the Fed refraining from rate cuts this year, negatively affecting assets such as cryptocurrencies.
- The US dollar strengthened on the back of upbeat Employment Cost Index data and remarks from Fed officials signaling there is no immediate need for a rate cut, exacerbating pressure on BTC prices and the broader crypto market.
Bitcoin Price Prediction
Bitcoin (BTC/USD) encountered a substantial decline. It is now priced at $57,332, reflecting a 6.4% drop. Key price levels and indicators are essential to the technical picture. The pivot point is currently at $59,008, with immediate resistance seen at $61,569, followed by subsequent hurdles at $64,654 and $67,084.
On the other hand, support levels are $55,051, $53,072, and $51,035.
Noteworthy indicators include an oversold Relative Strength Index (RSI) at 25, signaling a potential reversal, and the 50-day exponential moving average (50 EMA) positioned at $63,473, potentially acting as resistance.
Below the key level of $59,008, the outlook remains bearish, with an advance indicating a shift towards more bullish sentiment, while a failure could reinforce the prevailing downtrend. Traders should closely monitor these levels to make strategic decisions.
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