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Bitcoin Price Prediction: BTC Falls to $62,247

Despite market expectations, Bitcoin (BTC) faces a downtrend, dropping to $62,247, with an intra-day low of $62,007
April 29, 2024

Bitcoin (BTC) is facing a downtrend, dropping to $62,247 with an intra-day low of $62,007. The decline is attributed to global tensions and actions by the US Department of Justice against crypto founders. Additionally, concerns about China's economic stability and sluggish US economic growth are adding to investor apprehensions.

However, amidst this downward trajectory, there's a glimmer of hope for the cryptocurrency. The imminent introduction of spot Bitcoin ETFs in Australia promises to reshape the landscape of cryptocurrency investment in the region.

ASX Ltd., Australia's primary securities exchange operator, is expected to approve the country’s first spot Bitcoin ETFs by the end of 2024. Market players like Van Eck Associates Corp. and BetaShares Holdings Pty are actively positioning themselves to capitalize on this opportunity.

Key Points:

- Van Eck Associates Corp. and BetaShares Holdings Pty are set to introduce spot Bitcoin ETFs in Australia.

- ASX Ltd. expected to approve the country’s first spot Bitcoin ETFs by 2024.

- US Bitcoin ETFs attracted $53 billion in investments this year, driving interest in Australia’s $2.3 trillion pension market.

On the flip side, recent data reveals a decline in cash inflows into Bitcoin exchange-traded funds (ETFs). Investors withdrew approximately $218 million from these investment vehicles due to concerns over sluggish US economic growth. This has impacted investor sentiment, reducing the prospects of Federal Reserve interest rate cuts.

Bitcoin Price Prediction:

- Bitcoin (BTC/USD) is currently priced at $62,247, with ongoing volatility.

- Key price levels suggest a pivot point at $62,899, signaling a crucial juncture for market direction.

- Immediate resistance stands at $64,884, followed by $67,084 and $68,734, while immediate support lies at $61,062, with subsequent levels at $59,660 and $58,175.

Technical indicators reveal mixed signals, with the Relative Strength Index (RSI) at 33, indicating a neutral stance. The 50-day Exponential Moving Average (EMA) stands at $63,655, providing additional insight into price trends.

Bitcoin remains bearish below the pivot point of $62,899. A breakout above this level could signal a shift towards a more bullish bias, while a failure to breach could reinforce bearish sentiments in the market.

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