Bitcoin Price Prediction
Bitcoin (BTC) rebounded above $67,000 and hit an intraday high of $67,600.
After a brief dip below $66,000, Bitcoin’s rebound was fueled by expectations of a rate cut by the Federal Reserve and heightened tensions in the Middle East, particularly following the crash of the Iranian presidential helicopter.
These factors together have led investors to view Bitcoin as an important safe-haven tool against economic and geopolitical uncertainty.
Looking ahead, crypto traders will be keeping a close eye on speeches by Fed officials Bostic, Bullard, Waller, Evans, and Mester as their comments will provide key insights into the future direction of monetary policy.
Hawkish comments from these officials could signal a tightening of monetary policy, which would reduce investors’ appeal for riskier assets such as cryptocurrencies, potentially limiting Bitcoin’s upward momentum.
Bitcoin as a safe haven asset amid geopolitical turmoil
Bitcoin, a safe-haven asset, often appreciates in times of geopolitical turmoil or economic uncertainty.Recently, Iranian President Ibrahim Raisi and Foreign Minister Hossein Amirabdollahian died in a helicopter crash in East Azerbaijan Province.
Rescuers found the crash site after searching in adverse weather conditions.
Iran's vice president will assume the presidency.
New elections are due within 50 days.
Middle Eastern countries have shown solidarity with Iran during this difficult period.
In such a crisis, the perception of Bitcoin as a safe-haven asset could lead to increased demand and higher Bitcoin prices.
Bitcoin boosted by Fed rate cut expectations amid economic uncertainty
As investors bet on the Fed's possible rate cut, the US dollar exchange rate is generally under downward pressure. Richmond Fed President Thomas Barkin stressed that although inflationary pressure has eased, it will take some time to reach the 2% inflation target. Cleveland Fed President Mester said that the current monetary policy is appropriate and they will continue to pay attention to economic data to make decisions.
When talking about the policy direction, Federal Reserve Board Governor Michelle Bowman said that although the current policy environment is tight, she does not rule out the possibility of raising interest rates if inflation stagnates.
According to the Chicago Mercantile Exchange's FedWatch tool, the market expects a 10% chance of a rate cut in June, while the probability of a rate cut in September is close to 80%.
Against this backdrop, the prospect of the Fed cutting interest rates and their cautious stance on monetary policy have heightened uncertainty and volatility in financial markets. To hedge against the risks of inflation and economic instability, investors have turned to alternative assets such as Bitcoin (BTC), driving up its price.
Bitcoin Price Prediction
BTC/USD is currently trading at $66,927, up 1.01%, and the Bitcoin price prediction is bullish. The 4-hour chart shows that the pivot point is at $65,984, which is a critical level for the recent price action.
The immediate resistance is at $67,443, followed by $69,156 and $71,194. On the downside, the immediate support is at $64,617 and further support is at $63,040 and $61,328.
Bitcoin Price Prediction
The relative strength index (RSI) is 59, which suggests mild momentum. An ascending triangle pattern is forming with resistance near $67,443 and support near $65,985, which usually signals a potential upside breakout.
The 50-day exponential moving average (EMA) is at $64,562, supporting the bullish outlook.
Current Trend: Bitcoin remains bullish above $65,984. A break below this level could start a sharp selling trend.
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