Bitcoin Price Prediction as BTC Drops 2.5% – Bigger Sell-Off Incoming?
Bitcoin (BTC), the world’s leading cryptocurrency, continued its downward trajectory, trading around the $67,925 level and hitting an intraday low of $67,786. This recent decline of 2.5% has sparked concerns about a potential bigger sell-off.
The drop can be linked to the robust May employment report from the US, which showed 272,000 jobs added, dampening hopes for a rate cut by the Federal Reserve.
This strong job growth has bolstered the US dollar and driven up Treasury yields, contributing to Bitcoin’s losses. As investors grapple with these developments, Bitcoin price prediction remains a hot topic, with many speculating on the cryptocurrency’s next move.
Despite significant investment in bitcoin ETFs, with $886.6 million in daily inflows, bitcoin’s value couldn’t sustain above $70,000. This drop was driven by traders exploiting price differences through arbitrage between ETFs and CME bitcoin futures. Additionally, Robinhood’s acquisition of Bitstamp aims to bolster its global crypto presence.
Semler Scientific is following Microstrategy’s strategy by investing in Bitcoin as part of its treasury assets. Market watchers are closely monitoring CPI data and comments from Fed Chair Jerome Powell for insights into potential rate cuts.
Bitcoin’s inability to stay above $70,000 despite significant ETF investments highlights market vulnerability. Traders exploiting arbitrage opportunities and anticipation of Powell’s remarks on rate cuts are key factors impacting Bitcoin’s price volatility.
A robust May employment report, showing 272,000 jobs added, bolstered the US dollar and led to a drop in bitcoin prices. The Nonfarm Payrolls report exceeded expectations, reducing the likelihood of a September rate cut from 70% to around
