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Bitcoin experienced a fluctuating trend this week despite various factors supporting its price, such as a weakening US dollar and dovish signals from the Federal Reserve. The cryptocurrency initially surged to $64,000 following a subdued US jobs report that hinted at a slower economy, potentially leading to lower inflation and interest rates. However, Bitcoin’s gains were short-lived as it dipped back to around $63,200 due to cautious sentiment ahead of a speech by a Federal Reserve official, which could impact the US dollar and subsequently Bitcoin’s price.

In the midst of Bitcoin’s uncertain performance, Marathon Digital Holdings, a major player in the Bitcoin mining industry, saw an 18% increase in its stock price, reaching $20.67 and nearing an $800 million market cap. This surge was fueled by the company’s inclusion in the S&P SmallCap 600 Index, highlighting its growing importance in the cryptocurrency mining sector. Despite Marathon’s success, the broader cryptocurrency market remained mixed, indicating a complex sentiment among investors where individual companies thrive, but the overall market remains cautiously optimistic.

The US Securities and Exchange Commission (SEC) delayed its decision on approving Ethereum exchange-traded funds (ETFs), including Galaxy Invesco, extending the review period to July 5. This postponement aligns with earlier delays for major financial firms like BlackRock and Fidelity, raising doubts about the near-term approval of Ethereum ETFs due to regulatory uncertainties. In contrast, investment in Bitcoin ETFs, such as Hightower’s $68.35 million, showcases a higher confidence level in Bitcoin over Ethereum amidst regulatory challenges, potentially influencing Bitcoin’s price positively in the short term.

Expectations of Federal Reserve rate cuts later this year have increased following a soft US jobs report, leading to a weaker US dollar and heightened attractiveness of Bitcoin. Market forecasts suggest a potential 46 basis point reduction in interest rates by 2024, signaling a shift towards a more accommodative monetary policy. This anticipation of rate cuts has boosted Bitcoin’s appeal as a hedge against currency devaluation, driving up demand and potentially its price, emphasizing its role as an alternative investment during monetary easing.

Bitcoin’s current price prediction appears bullish as it trades around $63,535, with potential resistance levels at $65,512, $67,331, and $69,441 that could sustain an upward trajectory. Immediate support is established at $60,928, with further support levels at $58,927 and $56,625 to stabilize any decline. A bullish trend is likely if Bitcoin maintains above $63,000, though a drop below this critical level could trigger significant selling pressure.

99Bitcoins is offering a presale of $99BTC tokens, allowing users to learn about cryptocurrency while earning tokens that grant access to premium content and community perks. Early investors can secure $99BTC tokens at a competitive price of $0.00103 each, providing staking opportunities and investment potential. With a limited time offer and the presale progressing towards its goal, savvy investors have the chance to benefit from early access to $99BTC tokens and enhance their cryptocurrency knowledge while growing their investment portfolios.

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