Today, Bitcoin is trading at $60,620, marking a 4% decrease over the last 24 hours. The cryptocurrency’s recent uplift is attributed to dovish economic data from the U.S., hinting at possible Federal Reserve rate cuts.
This anticipation has weakened the dollar and, in turn, boosted Bitcoin’s value. Additionally, significant inflows of $11.54 million into Bitcoin ETFs, like Grayscale and Bitwise, along with Trump’s positive remarks on cryptocurrencies, have further fueled the upward movement.
Rising US Jobless Claims Boost Crypto Market Amid Rate Cut Hopes
The latest US employment data reveals a slowing labour market, stirring optimism within the cryptocurrency sector. Recently, the US Bureau of Labor Statistics reported that initial jobless claims rose unexpectedly to 231,000 for the week ending May 3, significantly higher than the anticipated 210,000.
This uptick suggests a softening job market, which might prompt the Federal Reserve to consider rate cuts sooner than anticipated—a scenario that typically benefits cryptocurrencies like Bitcoin.
Investors are now keenly awaiting further economic reports, such as the Consumer Price Index (CPI) and Producer Price Index (PPI), to gauge future monetary policy directions.Â
This expectation fosters a bullish outlook for cryptocurrencies.
- Unexpected Rise:Â Jobless claims hit 231,000, hinting at a softening job market.
- Federal Reserve Impact: Potential rate cuts could favour cryptocurrency investments.
- Market Watch:Â Investors await CPI and PPI reports for further economic clues.
Jack Dorsey’s $1M Bitcoin Forecast Faces Regulatory and Market Challenges
Jack Dorsey, the co-founder and former CEO of Twitter, has made a bold prediction that Bitcoin will reach at least $1 million by 2030. This forecast coincides with his recent departure from the decentralized platform BlueSky, motivated by shifts away from its original vision of true decentralization.
Jack Dorsey’s Bold Bitcoin Bet: $1M by 2030https://t.co/pzkx48CVoz
— C-Dub (🔑,🔑) (@Stocktrader) May 10, 2024
Simultaneously, Dorsey’s fintech enterprise, Block, faces regulatory scrutiny, impacting its services like Square and Cash App. Despite these challenges, Bitcoin shows robustness in the market, maintaining a price of around $61,000.
While Dorsey remains optimistic about Bitcoin’s potential, the ongoing regulatory pressures and market uncertainties continue to pose significant challenges.
- Bold Prediction:Â Jack Dorsey foresees Bitcoin reaching $1 million by 2030.
- Regulatory Scrutiny:Â Block, including Square and Cash App, under compliance review.
Bitcoin Price Prediction
Today, Bitcoin is priced at $60,620, witnessing a decline of around 4% within the last 24 hours. Bitcoin price prediction seems bearish as BTC is holding below $60,975. Above this pivot, immediate resistance levels are observed at $63,400, followed by $65,050, and extending to $67,160, which may challenge further upward movements.
Conversely, support levels are marked distinctly, beginning at $59,075 and subsequent support at $56,640 and $54,400.
Technical indicators reflect a cautious outlook; the Relative Strength Index (RSI) stands at 38, indicating a potential overselling scenario. The 50-day Exponential Moving Average (EMA) is positioned at $62,325, providing a reference point for current price actions.
Bitcoin’s recent market behaviour shows a bearish engulfing pattern on the 4-hour chart, breaching the upward trendline at $60,975. This breakdown suggests potential downward pressure, targeting the immediate support level at $59,075.
Conclusion: Bitcoin’s current market stance is bearish, below the $60,975 threshold. A decisive move above this level could, however, pivot towards a bullish trend.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.