Today, Bitcoin is trading at $60,620, experiencing a 4% decrease over the last 24 hours. The recent boost in the cryptocurrency’s value is attributed to dovish economic data from the U.S., hinting at possible Federal Reserve rate cuts. This has weakened the dollar and increased Bitcoin’s value. Inflows of $11.54 million into Bitcoin ETFs, along with positive remarks on cryptocurrencies from former President Trump, have also contributed to the upward movement. Rising US jobless claims and expectations of rate cuts have fostered a bullish outlook for cryptocurrencies.
The latest US employment data shows a slowing labor market, with initial jobless claims rising unexpectedly to 231,000 for the week ending May 3. This suggests a softening job market that could prompt the Federal Reserve to consider rate cuts sooner than expected, benefitting cryptocurrencies like Bitcoin. Investors are eagerly awaiting further economic reports such as the Consumer Price Index (CPI) and Producer Price Index (PPI) to determine future monetary policy directions. The potential for rate cuts is seen as favorable for cryptocurrency investments.
Jack Dorsey, the co-founder of Twitter, has predicted that Bitcoin will reach at least $1 million by 2030. Despite his optimistic forecast, Dorsey’s fintech enterprise, Block, which includes services like Square and Cash App, is facing regulatory scrutiny. Bitcoin has shown resilience in the market, maintaining a price around $61,000 amidst these challenges. Regulatory pressures and market uncertainties continue to present significant obstacles to Dorsey’s bold Bitcoin prediction.
Bitcoin’s current market situation shows a bearish trend, trading below the $60,975 threshold. Immediate resistance levels are observed at $63,400, $65,050, and $67,160, while support levels start at $59,075 and go down to $54,400. Technical indicators suggest caution, with the Relative Strength Index (RSI) at 38, indicating potential overselling, and the 50-day Exponential Moving Average (EMA) at $62,325 serving as a reference point for price actions. The bearish market behavior is reflected in a breakdown below the upward trendline at $60,975.
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