Bitcoin (BTC) continued its upward momentum, reaching around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, increased by 0.2% month-over-month in April, aligning with expectations but slightly below the previous month’s rise. This modest increase may ease some inflation concerns for the Fed. The Chicago PMI fell to 35.4, indicating weaker manufacturing activity, painting a complex economic outlook with easing inflation but slowing economic activity. This data could support a potential Fed rate cut by September, impacting Bitcoin price positively as a rate cut could weaken the US dollar and boost BTC gains.
Bitcoin (BTC) maintained its upward trend, rising to around $67,900. The Core PCE Price Index increased by 0.2% month-over-month in April, slightly below the previous month’s rise. This could alleviate some inflation concerns for the Fed, but consistent readings are necessary for a potential rate cut by September. The Chicago PMI fell to 35.4, lower than expected, indicating weaker manufacturing activity. These mixed data points suggest a complex economic outlook, with easing inflation but slowing economic activity, which could impact Bitcoin price positively as a potential Fed rate cut becomes more likely.
Bitcoin (BTC/USD) is trading at approximately $67,900, up by around 0.25%. Technical analysis shows a pivot point at $68,100 and immediate resistance levels at $68,800, $69,800, and $70,600. Immediate support levels can be found at $67,500, $66,600, and $65,900. The Relative Strength Index (RSI) is at 46.94, indicating a neutral to bearish sentiment. The 50-day Exponential Moving Average (EMA) is aligned with the pivot point at $68,100, suggesting it as a significant dynamic support level.
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With the Federal Reserve’s preferred inflation measure showing a modest increase and the Chicago PMI indicating weaker manufacturing activity, the economic outlook remains mixed. Bitcoin has maintained an upward trend, with technical analysis pointing towards key support and resistance levels. Additionally, the Wiener AI (WAI) meme coin is gaining attention for its advanced AI trading tools and staking rewards, offering investors a chance to earn passive income. The potential Fed rate cut could further impact Bitcoin price and drive gains in the cryptocurrency market, making it an exciting time for investors to navigate these opportunities.
