Bitcoin (BTC), the leading cryptocurrency, struggled to halt its previous bearish trend, hovering around the $67,824 mark and hitting an intra-day low of $66,600. The decline intensified following the release of robust US labor market and Services PMI data, which reduced investor expectations of a September Fed rate cut and decreased demand for riskier assets.Looking ahead, Bitcoin investors will focus on upcoming comments from Fed officials, particularly Fed’s Waller, who is scheduled to speak on Friday.Hawkish remarks could weigh on Bitcoin. Furthermore, upcoming US Durable Goods Orders and Michigan Consumer Sentiment Index reports will also influence market sentiment.The US dollar has strengthened recently due to positive economic data, decreasing the likelihood of a Federal Reserve rate cut in September. This has pressured the crypto market, including Bitcoin.Atlanta Fed President Raphael Bostic highlighted ongoing inflation concerns, suggesting the Fed might maintain higher rates to avoid economic overheating.The stronger US dollar and positive economic indicators have made crypto investments like Bitcoin less appealing due to higher opportunity costs.
Recent regulatory changes in the US have sparked a bullish trend for Bitcoin. Key developments include Congress members urging the SEC to approve spot Ethereum (ETH) ETFs and the passing of the FIT21 bill, which clarifies cryptocurrency regulations.Additionally, major Bitcoin holders, known as “whales,” have accumulated 20,000 BTC, worth around $1.4 billion, in the past week.These regulatory changes and positive developments have boosted demand for Bitcoin, with significant accumulation by whales and substantial inflows into spot Bitcoin ETFs.
Bitcoin (BTC/USD) is currently trading at $67,835, down 2.25% over the past 24 hours, signalling a bearish Bitcoin price prediction. TheBitcoin price is currently trading at $67,860, down 0.27% over the past 24 hours. The 4-hour chart highlights a pivot point at $68,263. Immediate resistance levels to watch are $70,029, $71,458, and $73,299. On the downside, immediate support levels are at $66,357, $64,947, and $63,490.The Relative Strength Index (RSI) is at 40, indicating that Bitcoin is approaching oversold conditions. The 50-day Exponential Moving Average (EMA) is at $68,615, suggesting a bearish trend as prices trade below this average.In conclusion, Bitcoin remains bearish below $68,250. A break above this level could shift the trend to bullish, while a continued decline could see further losses.Conclusion: Bitcoin’s current price action suggests a bearish outlook as it trades below the pivot point of $68,263. Immediate resistance levels are at $70,030, $71,450, and $73,300, while support levels are at $66,357, $64,947, and $63,490.
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