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Bitcoin Hits $60k Amid FED Rate Cut Comments: Predictions

Bitcoin surged past the $60,000 mark, but it's now facing fresh hurdles due to Federal Reserve sentiment
May 13, 2024

Bitcoin recently breached the $60,000 mark, only to face new hurdles due to Federal Reserve sentiment. With a modest drop of about 1.50% over the last day, Bitcoin's price prediction remains bearish, currently trading around $60,800.

These fluctuations align closely with remarks from Federal Reserve Governor Michelle Bowman, indicating that rate cuts aren't deemed necessary this year. This cautious stance has tempered market expectations, previously boosted by the prospect of looser monetary policy.

As investors stay vigilant for further economic updates, Bitcoin's market dynamics in the coming months could be significantly influenced by shifts in Fed strategy.

With a slight decline, Bitcoin (BTC/USD) is currently trading at $60,800, reflecting concerns about its price prediction. Despite this, Bitcoin remains the most valuable cryptocurrency, boasting a market capitalization of approximately $1.2 trillion. The trading volume has hit a significant $22 billion, underlining the high activity level in the Bitcoin market.

- Pivot Point: $60,975

- Resistance: $63,400, $65,050, $67,160

- Support: $59,075, $56,640, $54,400

Bitcoin needs to surpass the resistance levels at $63,400, $65,050, and $67,160 to regain bullish momentum. Conversely, failure to hold the immediate support at $59,075 could push Bitcoin to further support levels at $56,640 and $54,400, potentially increasing bearish pressure.

- Relative Strength Index (RSI): Currently at 38, suggesting a potential oversold condition.

- 50-day Exponential Moving Average (EMA): Positioned at $62,151, acting as significant resistance.

In summary, Bitcoin's current position below the critical pivot point of $60,975 indicates a bearish trend, possibly leading to additional declines, with the support level of $59,075 looming as a crucial marker.

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