Bitcoin (BTC) recently halted its losing streak and gained mild bullish traction around $61,500, reaching an intraday high of $62,150, suggesting chances of a bullish Bitcoin price prediction.
This upward trend is linked to softer US macroeconomic data, which increased speculation about an impending Federal Reserve rate-cutting cycle this year, prompting a short-covering rally in BTC prices.
Moreover, BTC gained further momentum as Donald Trump extended his lead over Joe Biden in betting markets during the June 27 presidential debate, boosting investor confidence.
However, gains in BTC may be short-lived as Bitcoin ETF outflows hit $1.3 billion, indicating reduced investor interest and potential downward pressure on prices.
US Economic Indicators and Fed Signals on Bitcoin
On the US front, softer macroeconomic data released on Thursday fueled expectations for the Federal Reserve to begin cutting interest rates this year. This speculation sparked a rally in Bitcoin prices as investors covered short positions.
Meanwhile, the US Dollar received support from comments by Fed Governor Michelle Bowman, who indicated that the Fed isn’t currently considering a rate cut due to ongoing inflation risks.
These contrasting signals from the Fed and economic data are influencing market sentiment, with Bitcoin experiencing upward pressure amid rate-cut speculation while the Dollar finds stability on cautious inflation concerns.
Key Data Highlights
- GDP Growth: First-quarter real GDP growth was revised up to a 1.4% annualized pace, the slowest since spring 2022. This indicates a notable slowdown from the previous quarter’s 3.4% rise.
- Durable Goods Orders: May showed a slight increase of 0.1%, contrasting with expectations of a 0.1% decline, following a revised 0.6% growth in April.
Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the US Labor Department said today. https://t.co/giKKC1TJYl
— RTÉ Business (@RTEbusiness) June 27, 2024
- Jobless Claims: Initial Jobless Claims dropped to 233,000 in late June, although the four-week average edged up to 236,000, the highest since last September.
- Pending Home Sales: Fell by 2.1% in May, hitting the lowest level on record since 2001, signalling challenges in the housing market.
These mixed economic indicators highlight ongoing uncertainties influencing market sentiment. Softer economic data from the US has increased expectations of Fed rate cuts, boosting Bitcoin prices as investors react to potential monetary policy changes favoring cryptocurrencies.
Bitcoin Price Rises Amid Presidential Debate Favoring Trump
During CNN’s first presidential debate on June 27, Bitcoin’s price rose by 1.1% as betting markets favored Donald Trump over President Joe Biden. Bitcoin traded at $61,439 before the debate, peaked at $62,152 during the event, and settled at $61,362 afterward.
According to PredictIt, Trump’s chances of winning surged, while Biden’s odds dropped significantly. Observers noted Biden’s difficulty in answering questions coherently, which influenced market sentiment.
Key Points
- Pre-Debate Price: $61,439
- Peak During Debate: $62,152
- Post-Debate Price: $61,362
Data from the prediction market platform PredictIt indicated that Trump’s odds of winning the presidency rose, while Biden’s chances declined significantly. Observers noted that Biden struggled with his responses and occasionally failed to complete his sentences during the debate.
Trump’s odds on PredictIt increased from $0.53 to $0.63, while Biden’s fell sharply from $0.48 to $0.37 in the same period.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is trading at $61,530, down 0.20%. On the 4-hour chart, the pivot point is set at $61,200. Immediate resistance is located at $62,510, followed by $63,440 and $64,510.
On the downside, immediate support is at $60,160, with further support levels at $59,190 and $58,430.
BTC update: Price dips slightly to $61,530. Watch for moves above $62,510 (resistance) or below $60,160 (support). Ascending triangle in play. #Bitcoin #CryptoAnalysis
— Arslan Ali (@forex_arslan) June 28, 2024
The Relative Strength Index (RSI) is currently at 50, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) stands at $61,780, acting as a critical resistance level.
Key Points
- Bitcoin trades at $61,530, down 0.20%, with RSI at 50.
- Immediate resistance at $62,510 and support at $60,160.
- The ascending triangle pattern suggests bullish momentum above $61,200.
Bitcoin is forming an ascending triangle pattern, with significant resistance near the $62,500 level and support at the pivot point of $61,200, bolstered by an upward trendline.
The outlook remains bullish above $61,200. However, a break below this level could trigger a sharp selling trend.
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Bitcoin Price Prediction 2024 – 2034
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