Bitcoin (BTC) is currently trading around $67,850 and experiencing a bearish trend due to the strength of the US dollar, which has increased on the back of strong economic data. Investors are reducing expectations for a Federal Reserve interest rate cut in September, impacting BTC prices. Traders are cautious as they await US consumer inflation figures and the outcomes of the Federal Open Market Committee meeting to be held later in the week.
Investors are scaling back on expectations for a Federal Reserve interest rate cut, driven by a robust labor market and ongoing inflation. This has pushed the US Dollar to nearly a one-month high, affecting Bitcoin’s value. Traders will closely monitor the latest US consumer inflation figures and the FOMC monetary policy decision. The US central bank is expected to maintain interest rates and release updated economic projections, potentially impacting Bitcoin’s price.
Economist Peter Schiff has raised concerns about Bitcoin’s stability with the increase in potential institutional ETF buyers. Schiff argues that relying on ETF purchases to drive Bitcoin prices could increase market volatility. However, there are differing views on this issue, with some believing that ETF buyers are long-term investors. Schiff’s skepticism about Bitcoin’s future and concerns about stability may contribute to market uncertainty and impact its price.
In terms of Bitcoin price prediction, the cryptocurrency is currently trading around $66,850, facing challenges to maintain its position above the pivot point at $65,985. Immediate resistance levels are observed at $67,600, $69,200, and $71,000, with support levels at $64,600, $63,450, and $62,200. The Relative Strength Index (RSI) indicates bearish momentum, while the price remains below the 50-day Exponential Moving Average (EMA) of $69,000, supporting a bearish outlook.
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