Drops to $60,620 amid Fed rate cut speculation, ETF inflows

Last updated: May 10, 2024 4:48 pm EDT | 3 minutes reading

Bitcoin Price Prediction

Today, Bitcoin is trading at $60,620, marking a 4% drop in the last 24 hours. The cryptocurrency’s recent surge is attributed to peaceful US economic data suggesting possible rate cuts from the Federal Reserve.

This anticipation weakened the dollar and, in turn, increased the value of Bitcoin. Furthermore, significant inflows of $11.54 million into Bitcoin ETFs such as Grayscale and Bitwise, coupled with Trump’s positive comments on cryptocurrencies, further fueled the upward movement.

Rising US Unemployment Claims Boost Crypto Market Amid Rate Cut Hopes

The most recently US employment data reveals a slowdown in the job market, sparking optimism in the cryptocurrency sector. Recently, the US Bureau of Labor Statistics reported that initial claims for unemployment benefits unexpectedly rose to 231,000 in the week ending May 3, significantly above the 210,000 predicted.

This increase suggests a slowdown in the job market, which could lead the Federal Reserve to consider rate cuts sooner than anticipated – a scenario that typically benefits cryptocurrencies like Bitcoin.

Investors are now eagerly awaiting new economic reports, such as the Consumer Price Index (CPI) and Producer Price Index (PPI), to assess future directions of monetary policy.

This expectation promotes an optimistic outlook for cryptocurrencies.

• Unexpected increase: Unemployment benefit claims reached 231,000, suggesting a slowdown in the job market.
• Impact of the Federal Reserve: Potential rate cuts could favor investments in cryptocurrencies.
• Market observation: Investors await the CPI and PPI reports for more economic clues.

Jack Dorsey’s $1M Bitcoin Prediction Faces Market and Regulatory Challenges

Jack Dorsey, co-founder and former CEO of Twitter, made a statement bold prediction that Bitcoin will reach at least $1 million by 2030. This prediction coincides with its recent exit from the BlueSky decentralized platform, driven by changes to its original vision of true decentralization.

Simultaneously, Dorsey’s fintech company Block is facing regulatory scrutiny, impacting its services like Square and Cash App. Despite these challenges, Bitcoin is showing robustness in the market, maintaining a price of around US$61,000.

While Dorsey remains optimistic about Bitcoin’s potential, ongoing regulatory pressures and market uncertainty continue to pose significant challenges.

• Bold prediction: Jack Dorsey predicts Bitcoin will reach $1 million by 2030.
• Regulatory Analysis: Block, including Square and Cash App, under compliance review.

Today, Bitcoin It costs $60,620, witnessing a decline of around 4% in the last 24 hours. Bitcoin Price Prediction looks bearish as BTC is below $60,975. Above this pivot, immediate resistance levels are observed at $63,400, followed by $65,050, and extending to $67,160, which may challenge further upward moves.

On the other hand, support levels are marked distinctly, starting at $59,075 and subsequent support at $56,640 and $54,400.

Bitcoin Price Prediction

Technical indicators reflect a cautious outlook; the Relative Strength Index (RSI) is at 38, indicating a potential oversold scenario. The 50-day exponential moving average (EMA) is positioned at $62,325, providing a reference point for current price action.

Recent Bitcoin market behavior shows a bearish pattern on the 4-hour chart, breaking the ascending trend line at $60,975. This break suggests potential downward pressure, targeting the immediate support level at $59,075.

Conclusion: Bitcoin’s current market position is bearish, below the $60,975 threshold. A decisive move above this level could, however, lead to an uptrend.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.

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