Bitcoin price recently surpassed $63,000, showing some recovery from its losses despite generally negative sentiment towards cryptocurrencies. This recovery coincided with the US dollar depreciating by approximately 0.2%.
But the markets, especially the bankrupt Mt. He is nervous about the large payment to be made to the Gox exchange. In early July Mt. Gox will begin distributing Bitcoins stolen as a result of an attack in 2014. Investors are worried that these Bitcoins may be put up for sale, thus creating a massive sales wave.
This concern caused Bitcoin to suffer major losses at the end of June and saw outflows from crypto investment products for two consecutive weeks.
Altcoin Revival and Federal Rate Speculations
Altcoins, which experienced serious declines in June, started to rise by compensating some of their losses on Monday. Ethereum rose 2.5% to $3,475 on speculation that the SEC may soon approve an Ether-based ETF.
Other altcoins such as Solana (SOL), Ripple (XRP) and Cardano (ADA) also gained between 1.5% and 4.5% despite low trading volumes. Meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) increased by over 2% and 1%, respectively.
However, the overall atmosphere of the cryptocurrency market remains cautious ahead of US economic data and expectations for interest rate regulations. This week, important developments such as the speech of Federal Reserve Chairman Jerome Powell, the publication of the Fed's June meeting minutes and the release of non-farm employment data are expected. This data can provide clearer guidance on interest rates.
Investors are increasingly believing that the Fed will cut interest rates in September, and this is providing a certain support to the cryptocurrency market.
Bitcoin Price Prediction
Bitcoin price has increased modestly in recent trading, reaching $62,755, indicating an increase of 0.44%. When the four-hour chart is examined, the pivot point is determined at $62,755. The first resistance point that Bitcoin may face is $63,881, followed by stronger resistances at $64,735 and $65,589.
Looking at support levels, $61,829 stands out as immediate support. Additional supports are at the levels of $ 60,695 and $ 59,901; these regions have the potential to offset price declines.
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