Bitcoin Price Prediction as Bulls Defend $67,000 Level – Time to Buy?
Despite hawkish remarks from Federal Reserve officials and stronger-than-expected U.S. economic data, which have reduced the likelihood of a Fed rate cut, Bitcoin (BTC) has managed to regain some traction. The cryptocurrency edged slightly higher, reaching around $67,785 and hitting an intraday high of $68,848.
BlackRock’s Bitcoin ETF, IBIT, has become the largest Bitcoin fund with nearly $20 billion in assets under management, further supporting BTC. However, the strengthened US dollar (USD) and ongoing geopolitical tensions may limit Bitcoin’s gains, leading to potential volatility.
Looking ahead, traders will closely monitor the Fed’s Beige Book and John Williams’ speech, along with the upcoming US Core Personal Consumption Expenditures Price Index (Core PCE) release, for further cues on Bitcoin price movements.
Hawkish comments from Federal Reserve officials and better-than-expected economic data have reduced the likelihood of a Fed rate cut in September, strengthening the US dollar and limiting gains for Bitcoin (BTC).
Fed Governor Michelle Bowman supports a slower pace of reducing stimulus, while Fed Minneapolis President Neel Kashkari emphasizes waiting for significant progress on inflation before considering rate cuts, expecting at most two rate cuts in 2024.
US consumer confidence unexpectedly rose in May for the first time in four months as views about business conditions and the labor market were less negative https://t.co/4TsY8yay7V pic.twitter.com/lbf06iEhwQ
— Bloomberg TV (@BloombergTV) May 28, 2024
These remarks signal a cautious approach by the Fed, impacting both USD and BTC performance.
This cautious approach and improved consumer confidence suggest a mixed outlook for USD and BTC in the near term.
BlackRock’s
