Bitcoin Price Prediction: BTC Drops to $67,000 – Where’s the Next Support?

cryptonews.com:

Bitcoin (BTC), the world’s leading cryptocurrency, recently failed to maintain its upward momentum and has turned bearish. After reaching an intra-day high of $69,977, BTC quickly fell to $67,039, and its current price stands at $67,600.32 with a 24-hour trading volume of $35.93 billion.

This shift in trend was influenced by a surprising drop in U.S. inflation, which initially supported the upward move.

However, the Federal Reserve’s unexpected hawkish stance, predicting only one rate cut in 2024 instead of the three projected in March, has exerted downward pressure on Bitcoin.

As traders look ahead, the upcoming U.S. economic data, including the Producer Price Index (PPI) and Weekly Initial Jobless Claims, is expected to offer new short-term trading opportunities and further impact Bitcoin price predictions.

The Federal Reserve’s unexpected hawkish stance has overshadowed softer consumer inflation figures, pressuring Bitcoin’s price.

Policymakers now predict just one rate cut in 2024 instead of the three projected in March.

This shift pushed US Treasury bond yields higher and strengthened the US Dollar, further undermining Bitcoin.

BREAKING