Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, initially surged to $59,800 but struggled to maintain that level, eventually falling below $56,630.
The global cryptocurrency market cap stands at $2.06 trillion, reflecting a 24-hour decline of 0.93 percent. Bitcoin’s recent pullback to the $58,000 range followed the release of US Consumer Price Index (CPI) data, which revealed a price rebound in July as expected.
This development has dampened expectations for a significant rate cut by the Federal Reserve in the upcoming month.
JUST IN: #Bitcoin just fell below $57K. pic.twitter.com/R4VJAizzq1
— CoinGecko (@coingecko) August 15, 2024
Related Posts
Additionally, ongoing geopolitical tensions between Iran and Israel have added further pressure to the market. The crypto derivatives sector also experienced substantial liquidations over the past day, contributing to the overall market volatility.
Institutional Interest in Bitcoin Declines Amid Market Caution and Ongoing Bull Run Predictions
It is worth noting that institutional interest in Bitcoin may be waning at its current price, according to a crypto analyst.
The 7-day minting ratio, which tracks the creation of new stablecoins and their conversion into crypto, has dropped significantly from $2.7 billion earlier in August to $1.4 billion now.
This decline suggests that institutions, which had been actively investing when Bitcoin fell below $55,000, are now less interested. Currently, Bitcoin is trading around $58,149, showing a slight drop in the past 24 hours.
Institutions not so interested in Bitcoin at $58K, metric shows https://t.co/1SGZbK5fr9 pic.twitter.com/2BeFKT7tzQ
— Crypto Trader Pro
(@CryptoTraderPro) August 16, 2024
(@CryptoTraderPro) August 16, 2024Despite this, some forecasts suggest Bitcoin’s bull run could continue into 2025, based on past cycles.
However, some forecasts still predict a continued bull run into 2025.
US Economic Outlook and Fed Rate Cut Expectations
On the US front, the US dollar has struggled to gain strength because markets are expecting a 25 basis point rate cut at the Federal Reserve’s September meeting.
This expectation has led to a slight drop in US Treasury bond yields, limiting the dollar’s recent gains despite strong economic data, such as better-than-expected July retail sales and a resilient labor market.
Federal Reserve officials have hinted that a rate cut might be necessary due to easing inflation and shifting economic conditions.
The Fed’s hit a jackpot!
CPI: 2.9% vs 3%
Retail Sales: +1% (vs. 0.4% expected)
Core Retail Sales: +0.4% (vs. 0.1% expected)
Jobless Claims: Falling to 227k
50 bps rate cut loading..Is this the start of an economic golden age?@federalreserve #Economy… pic.twitter.com/wd6wo3KQ83
— Chartist Nihal – NISM Certified (@Chartist_nihal) August 15, 2024
Retail Sales: +1% (vs. 0.4% expected)
Jobless Claims: Falling to 227kOn the data front, the US Census Bureau reported a 1% increase in retail sales for July, surpassing expectations of a 0.3% rise. Excluding autos, sales were up 0.4%, exceeding the anticipated 0.1% gain.
Additionally, the US Department of Labor (DOL) disclosed that initial jobless claims for the week ending August 10 totaled 227,000, better than the expected 235,000 and the previous week’s 234,000.
These stronger-than-expected figures underscore the resilience of the US economy and reinforce the view that the labor market remains robust.
Therefore, the anticipated Fed rate cut and weaker dollar could boost Bitcoin’s appeal as an alternative investment.
Strong US economic data might support market confidence, but the expectation of lower interest rates could enhance Bitcoin’s attractiveness compared to traditional assets.
Daily Technical Outlook: Bitcoin (BTC/USD)
Bitcoin ($BTC) is currently trading at $58,770, showing a slight increase of 0.07% on the 4-hour chart. Technically, Bitcoin is in a precarious position after violating the triple bottom pattern around the $57,750 level.
This pattern previously offered strong support, but its breach, coupled with the formation of a bearish engulfing candlestick, suggests that the downtrend may continue.
Daily Technical Outlook: #Bitcoin ($BTC) is at $58,770, up 0.07%. Key support at $57,750 has been breached, signaling a potential downtrend continuation.
Immediate resistance is at $59,810 with support at $55,200. Watch the $57,750 level closely. #Crypto #BTCUSD pic.twitter.com/YYb9i1S6JE— Arslan Ali (@forex_arslan) August 16, 2024
Daily Technical Outlook: #Bitcoin ($BTC) is at $58,770, up 0.07%. Key support at $57,750 has been breached, signaling a potential downtrend continuation.Immediate resistance is now at $59,810, followed by $61,870 and $64,640. On the downside, Bitcoin has immediate support at $55,200, with further support levels at $52,690 and $50,700.
Bitcoin Price Chart – Source: Tradingview
The 50-day Exponential Moving Average (EMA) at $59,650 is also exerting downward pressure, acting as a resistance point.
The Relative Strength Index (RSI) stands at 44, indicating that there’s still room for further selling before Bitcoin enters oversold territory.
In conclusion, the outlook remains bearish below $57,750. However, if Bitcoin manages to break above this level, we could see a shift towards a more bullish trend. Keep an eye on the $57,750 level.
You might also like
Bitcoin Price Prediction 2024 – 2034
Mega Dice Presale Nears Final Countdown: $1.71 Million Raised, Price Increase Imminent
The Mega Dice presale is rapidly approaching its final stage, having successfully raised over $1.71 million in funding. So far, 19 million of the allocated 28 million $DICE tokens have been sold, reflecting the growing enthusiasm for this crypto-integrated iGaming platform within the evolving Web3 ecosystem.
This presale’s momentum highlights the increasing interest in the GambleFi sector, where Mega Dice is carving out a significant niche. The platform recently celebrated a milestone by surpassing 14,500 members in its Telegram SuperCommunity.
This thriving community is a hub for daily discussions about $DICE, its various utilities, and strategic partnerships, and offers essential technical support.
Mega Dice: Revolutionizing the iGaming Experience
Mega Dice stands out in the GambleFi industry by utilizing its $DICE token to enrich the online gaming experience. Players can use $DICE for gameplay, gain access to exclusive competitions, and participate in a loyalty program that offers generous rewards and VIP perks.
#DICE presale has raised $1.7 MILLION!
This milestone brings us closer to revolutionizing GameFi. Remember
Current tier price: $0.105266
Buy $DICE now: https://t.co/Pk6R16oOKk
Don’t miss out on this opportunity to be a part of the #1 GameFi project on SOLANA!pic.twitter.com/NrMJN1mrX0
— Mega Dice Casino (@megadice) August 13, 2024
Moreover, Mega Dice’s strategic buyback and burn mechanism is designed to ensure token scarcity, potentially boosting its market value over time. With the presale nearing its final hours and a price increase imminent, this is a crucial time for potential investors to get involved.
Stay up to date with Mega Dice’s latest developments by following their platforms on X/Twitter and Telegram. Don’t miss your chance to participate in the presale before the price increases to $0.105266 per $DICE token.
Buy Mega Dice Today
The post Institutional Interest in Bitcoin Wanes as Market Caution Grows; Minting Ratio Drops to $1.4B appeared first on Cryptonews.
