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Bitcoin Price Prediction
Bitcoin (BTC), the foremost cryptocurrency, has faced challenges in reversing its prior downward trend, remaining around the $67,824 level and reaching an intra-day low of $66,600. The downturn was exacerbated by the release of strong US labor market and Services PMI data, which diminished investor expectations for a rate cut by the Fed in September and lowered interest in riskier assets.
In the near term, Bitcoin investors will be attentive to forthcoming statements from Fed officials, especially from Fed’s Waller, who is set to speak on Friday.
Hawkish comments could negatively impact Bitcoin. Additionally, upcoming reports on US Durable Goods Orders and the Michigan Consumer Sentiment Index will also affect market sentiment.
Impact of Strengthening US Dollar and Positive Economic Data on Bitcoin Prices
The US dollar has recently gained strength due to favorable economic data, reducing the probability of a Federal Reserve rate cut in September. This has placed pressure on the cryptocurrency market, including Bitcoin.
Atlanta Fed President Raphael Bostic emphasized ongoing inflation concerns, indicating that the Fed may opt to keep rates elevated to prevent economic overheating.
- FedWatch Tool: The likelihood of maintaining rates in September increased from 41.9% to 48.4% on May 23rd.
- US Initial Jobless Claims: Decreased by 8,000 to 215,000 for the week ending May 18.
- PMI Data: Manufacturing PMI rose to 50.9 in May, Services PMI increased to 54.8, and Composite PMI surged to 54.4, all exceeding expectations.
The stronger US dollar and positive economic indicators have rendered crypto investments like Bitcoin less attractive due to higher opportunity costs.
Bitcoin Experiences Bullish Trend Amid US Regulatory Developments
Recent regulatory shifts in the US have ignited a bullish trend for Bitcoin. Significant developments include Congress members urging the SEC to approve spot Ethereum (ETH) ETFs and the enactment of the FIT21 bill, which clarifies cryptocurrency regulations.
Moreover, prominent Bitcoin holders, referred to as “whales,” have acquired 20,000 BTC, valued at approximately $1.4 billion, over the past week.
- Notable activity in Bitcoin-linked ETFs has also been recorded, with $1.7 billion flowing into these funds in the last eight days.
These regulatory advancements and positive developments have increased demand for Bitcoin, highlighted by substantial accumulation by whales and significant inflows into spot Bitcoin ETFs.
Bitcoin Price Prediction
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Bitcoin (BTC/USD) is presently trading at $67,835, reflecting a decline of 2.25% over the past 24 hours, indicating a bearish price outlook. The
current Bitcoin price is at $67,860, down 0.27% in the last 24 hours. The 4-hour chart reveals a pivot point at $68,263. Key resistance levels to monitor are $70,029, $71,458, and $73,299. Conversely, immediate support levels are at $66,357, $64,947, and $63,490.
The Relative Strength Index (RSI) stands at 40, suggesting that Bitcoin is nearing oversold territory. The 50-day Exponential Moving Average (EMA) is at $68,615, indicating a bearish trend as prices remain below this average.
In summary, Bitcoin continues to exhibit bearish behavior below $68,250. A breakthrough above this level could shift the trend to bullish, while a sustained decline may lead to further losses.
Bitcoin Price Prediction
Conclusion: Bitcoin’s current price movement indicates a bearish outlook as it trades beneath 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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Mega Dice Presale Approaches Final Stage with $1.34M Raised: Last Opportunity Before Price Increase
The Mega Dice presale is approaching its final phase, having raised $1,337,416.86 with over 19 million $DICE tokens sold out of 28 million. This influx of investment highlights the increasing interest in crypto-integrated iGaming platforms within the Web3 sector, where Mega Dice is making notable progress.
Another achievement for Mega Dice Casino is reaching 10,000 members in the $DICE Telegram SuperCommunity. This engaged community participates in daily discussions regarding $DICE, its utilities, partnerships, and provides technical support.
In the growing GambleFi sector, Mega Dice utilizes its $DICE token to enhance the online gaming experience. Players employ $DICE for gameplay, gaining access to exclusive competitions and a loyalty program that offers substantial rewards and VIP experiences.
Mega Dice’s buyback and burn strategy aims to sustain token scarcity and enhance market value. With the presale concluding soon and the next price tier approaching, this is a crucial moment for prospective investors.
Stay informed with the latest updates from Mega Dice on platforms like X/Twitter and Telegram, and consider participating in the presale before the price rises to $0.075 per $DICE token.
Buy Mega Dice Today
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