Bitcoin Price Prediction as BTC Bounces From $60,000 Level – More Selling Incoming?
As Bitcoin teeters around the $61,650 mark after a 4% drop, its behavior hints at potential volatility. With the dollar’s rise linked to paused rate cuts enhancing its appeal, Bitcoin faces an opposite effect—diminished attraction due to the anticipated long-term high rates.
This positions Bitcoin at a precarious juncture, especially as the market braces for the April 20 halving, expected to slash mining rewards.
This event and the dollar’s strength may heavily influence upcoming Bitcoin price prediction, pressing investors to closely monitor both market reactions and economic indicators.
As the US dollar experiences its strongest five-day surge in 14 months, Bitcoin has seen a notable decline, falling 9% to $63,936. This drop is influenced by the likelihood of prolonged high interest rates, which tend to reduce the appeal of riskier assets such as Bitcoin.
The inverse relationship between Bitcoin and the dollar typically sees Bitcoin gain popularity when the dollar weakens. However, with the upcoming Bitcoin halving on April 20—which will halve BTC mining rewards—investors are watching the markets closely.
Bitcoin drops as dollar eyes ‘best 5-day run’ in 14 months on expected rate cut hold
The Bloomberg Dollar Spot Index (BBDXY) — which tracks the performance of a basket of 10 leading global currencies versus the U.S. dollar — has climbed by approximately 2% over the last 5… pic.twitter.com/k3kFpxB7Wm
— Lilac (@ChristinaH94232) April 17, 2024
Despite Bitcoin’s current 52% market dominance, the broader economic concerns and high interest rate expectations are putting downward pressure on cryptocurrency values.
Germany’s largest state-backed bank, LBBW, is set to offer cryptocurrency custody services through a partnership with
