On Wednesday, Bitcoin traded at $61,949, up 0.65%, as the Federal Reserve’s hawkish stance on interest rates impacted its price outlook. Concerns over inflation and higher interest rates have dampened investor sentiment toward cryptocurrencies.The recent US Producer Price Index (PPI) report, which met expectations, reinforced the anticipation of prolonged high interest rates. The upcoming Consumer Price Index (CPI) release will be closely watched for further insights.
The Federal Reserve’s hawkish stance on interest rates is significantly affecting Bitcoin’s price outlook. Concerns over inflation and the expectation of higher interest rates have dampened investor sentiment towards risky assets like cryptocurrencies. The recent US Producer Price Index (PPI) report, which met expectations, further reinforced the anticipation of prolonged high interest rates.In April, the U.S. Producer Price Index (PPI) rose 2.2% year-over-year, aligning with expectations. Core PPI, excluding food and energy costs, increased by 2.4%. These figures provide more justification for the Federal Reserve to maintain higher rates for an extended period.Investors are closely monitoring statements from Federal Reserve officials. Cleveland Fed President Loretta Mester has expressed a desire to begin tapering asset purchases. However, the Fed appears to be taking a cautious approach to the economy, which could pose challenges for Bitcoin and other cryptocurrencies.The Federal Reserve’s hawkish stance and the in-line US PPI data have reinforced expectations of higher interest rates, dampening investor sentiment toward Bitcoin and other cryptocurrencies.
On Wednesday, key economic data from the United States revealed notable changes. The Core Consumer Price Index (CPI) for April rose by 0.3% month-over-month, down from the previous 0.4%. Meanwhile, Core Retail Sales increased by 0.2%, a significant drop from the prior 1.1%.The overall CPI remained steady at 0.4% month-over-month and showed a slight year-over-year decline from 3.5% to 3.4%. The Empire State Manufacturing Index improved to -9.9, up from -14.3, indicating a less severe contraction in manufacturing activity.Retail Sales grew by 0.4% in April, decelerating from the previous month’s 0.7% increase. This data collectively suggests a mixed economic outlook, with inflation pressures persisting alongside fluctuating consumer and manufacturing activities.
El Salvador has garnered significant attention for its innovative and environmentally friendly approach to Bitcoin mining. Under President Nayib Bukele’s leadership, the country is utilizing volcanic geothermal energy to mine Bitcoin, setting a sustainable example for other nations. This method not only boosts El Salvador’s Bitcoin reserves but also promotes responsible mining practices.El Salvador mined nearly 474 bitcoins, adding to state crypto holding, in last three years https://t.co/8dYn1i4fZc pic.twitter.com/VXAXOLGtis— Reuters (@Reuters) May 15, 2024Since September 2021, El Salvador has mined approximately 474 bitcoins, using just 1.5 megawatts of the 102 megawatts generated by its geothermal power plant. This initiative aligns with the country’s national energy and environmental policies, emphasizing a commitment to sustainability in the cryptocurrency sector.Despite initial scepticism, El Salvador’s approach has gained global recognition. The country addresses environmental concerns associated with traditional mining by integrating renewable energy with Bitcoin mining. This demonstrates the potential for cooperation between cryptocurrency miners and sustainable energy projects worldwide.El Salvador’s eco-friendly Bitcoin mining using volcanic energy exemplifies sustainability and boosts BTC reserves. This innovative approach may positively influence Bitcoin prices through increased adoption and environmental consciousness.
With a bullish Bitcoin price prediction, Bitcoin (BTC/USD) is trading at $61,949, up 0.65%. On the 4-hour chart, the pivot point (green line) is at $61,547. Immediate resistance levels are at $63,164, $64,271, and $65,504. Immediate support levels are at $60,275, $59,218, and $58,237.Technical indicators suggest a supportive environment for a bullish trend. The Relative Strength Index (RSI) is at 50, indicating balanced momentum. The 50-day Exponential Moving Average (EMA) stands at $61,626, providing further support to the current price.An upward trendline is reinforcing Bitcoin‘s price around the $61,630 level. On the upside, the next resistance is at $63,165, extended by a downward trendline. Overall, the 50 EMA and RSI both favor a buying trend.Conclusion: Bullish above $61,547; a break below this level could trigger a sharp selling trend.99Bitcoins, a leader in digital education, is transforming the way users learn about cryptocurrency through its ‘learn-to-earn’ platform. Participants can enhance their knowledge while earning $99BTC tokens, effectively growing both their expertise and their investment portfolios.The current presale of $99BTC tokens is catching the attention of savvy investors, offering an enticing entry price for early participants.This presale presents a rare chance for early investors to secure $99BTC tokens at a competitive price of $0.00103 each. These tokens are not just a reward mechanism but also provide access to premium content and additional perks within the community.To date, the presale has amassed $1,263,034, progressing towards a goal of $2,036,443. With just over three days left until the next pricing stage, this is a pivotal moment to invest in $99BTC and start benefiting from immediate staking opportunities.
