In addition, the drop in the ISM manufacturing activity index from 48.7 to 49.2 reflects the worst decline in new product orders in nearly two years.
Highlights:
The ISM Manufacturing Business Activity Index fell 5% in March to 48.7, indicating contraction.
The CME FedWatch tool shows a 9% probability of a 60% rate cut in May.
The PCE Price Index remained at 2.7%, which supports #BTC prices.
#StartInvestingInCrypto is currently trading at 69,100, up less than 0.50%, indicating an optimistic outlook for the Bitcoin price. The critical pivot point is 68,800, which serves as a critical support level.
The nearest resistance is at 6,69,600, followed by 7,70,300 and 7,70,900. On the downside, the nearest support is at 6,68,400 and further support levels are 6,67,900 and 6,67,300. These levels will be important in determining Bitcoin's future movement.
Technical indicators are pointing to a bullish trend. The Relative Strength Index (RSI) is at 60, indicating buying momentum. In addition, the 50-day exponential moving average (EMA) is at 68,450, which reinforces the buying bias.
An uptrend line is supporting Bitcoin near the 68,800 level, and a closing Dodgy candle above this trend line indicates continued upward momentum. These technical signals combine to point to a positive outlook for Bitcoin in the short term.
In conclusion, Bitcoin remains bullish above the 68,800 pivot points. The nearest resistance levels are at $69,600, $7,70,300, and $7,70,900. However, if bitcoin falls below the 68,800 level, it could lead to a surge in selling.
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