Last updated: May 24, 2024 06:17 EDT | 3 minutes reading

Bitcoin Price Prediction

Bitcoin (BTC), the leading cryptocurrency, struggled to break its previous downtrend, hovering around the $67,824 mark and hitting an intraday low of $66,600. The decline intensified after the release of robust PMI data from the US labor market and services, which reduced investor expectations regarding a Fed rate cut in September and reduced demand for riskier assets.

Looking ahead, Bitcoin investors will focus on upcoming comments from Fed officials, especially Fed Waller, who is expected to speak on Friday.

Aggressive comments could weigh on Bitcoin. Additionally, upcoming reports on US Durable Goods Orders and Michigan Consumer Sentiment Index will also influence market sentiment.

Strengthening the US dollar and positive impact of economic data on Bitcoin prices

The US dollar has strengthened recently due to positive economic data, decreasing the likelihood of a Federal Reserve rate cut in September. This has put pressure on the crypto market, including Bitcoin.

Atlanta Fed President Raphael Bostic highlighted continued concerns about inflation, suggesting the Fed could maintain higher rates to prevent economic overheating.

• FedWatch Tool: The odds of unchanged rates in September increased from 41.9% to 48.4% on May 23.
• Initial unemployment claims in the US: It fell from 8,000 to 215,000 in the week ending May 18.
• PMI data: The manufacturing PMI rose to 50.9 in May, the services PMI rose to 54.8, and the composite PMI jumped to 54.4, all exceeding expectations.

The stronger US dollar and positive economic indicators have made investments in cryptocurrencies like Bitcoin less attractive due to higher opportunity costs.

Bitcoin Sees Uptrend Amid US Regulatory Changes

Recent regulatory changes in the US have triggered an uptrend for Bitcoin. Key developments include members of Congress urging the SEC to approve the spot Ethereum (ETH) ETFs and the approval of the FIT21 bill, which clarifies regulations on cryptocurrencies.

Additionally, top Bitcoin holders, known as “whales,” accumulated 20,000 BTC, worth about $1.4 billion, last week.

• Strong activity was also seen in Bitcoin-linked ETFs, with $1.7 billion flowing into these funds in the last eight days.

These regulatory changes and positive developments have driven demand for Bitcoin, with significant accumulation by whales and substantial inflows into spot Bitcoin ETFs.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is currently trading at $67,835, down 2.25% in the last 24 hours, signaling a bearish Bitcoin Price Prediction. O

Bitcoin price is currently trading at $67,860, down 0.27% in the last 24 hours. The 4-hour chart highlights a pivot point at $68,263. The immediate resistance levels to watch are $70,029, $71,458, and $73,299. On the downside, immediate support levels are at $66,357, $64,947, and $63,490.

The Relative Strength Index (RSI) is at 40, indicating that Bitcoin is approaching oversold conditions. The 50-day exponential moving average (EMA) is at $68,615, suggesting a downtrend as prices trade below this average.

In conclusion, Bitcoin remains bearish below $68,250. A break above this level could change the trend to bullish, while a continued decline could cause further losses.

Bitcoin Price Prediction

Conclusion: Bitcoin’s current price action suggests a bearish outlook as it trades below the $68,263 pivot point. Immediate resistance levels are at $70,030, $71,450 and $73,300, while support levels are at $66,357, $64,947 and $63,490.

Mega Dice pre-sale approaches final stage with $1.34 million raised: last chance before price increase

The Mega Dice presale is reaching its final stage, having raised $1,337,416.86 with over 19 million $DICE tokens sold out of a total of 28 million. This increase in investment highlights the growing interest in crypto-integrated iGaming platforms in the Web3 space, where Mega Dice is making significant inroads.

Another milestone for Mega Dice Casino is Reaching 10,000 Members in the $DICE Telegram SuperCommunity. This active community participates in daily discussions about $DICE, utilities and partnerships and provides technical support.

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Mega Dice’s buyback and burn strategy aims to maintain token scarcity and increase market value. With pre-sales ending soon and the next pricing phase imminent, now is a crucial time for potential investors.

Stay up to date with Mega Dice news on platforms like X/Twitter and Telegram, and consider joining the pre-sale before the price increases to $0.075 per $DICE token.

Disclaimer: the text above is an advertising article that is not part of the Cryptonews. with editorial content.

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