Bitcoin Price Prediction with $80K on the Horizon – Will BTC Rally Soon?

Arslan Butt

Last updated:

May 24, 2024 06:17 EDT | 3 min read

Bitcoin Price PredictionBitcoin (BTC), the leading cryptocurrency, struggled to halt its previous bearish trend, hovering around the $67,824 mark and hitting an intra-day low of $66,600. The decline intensified following the release of robust US labor market and Services PMI data, which reduced investor expectations of a September Fed rate cut and decreased demand for riskier assets.

Looking ahead, Bitcoin investors will focus on upcoming comments from Fed officials, particularly Fed’s Waller, who is scheduled to speak on Friday.

Hawkish remarks could weigh on Bitcoin. Furthermore, upcoming US Durable Goods Orders and Michigan Consumer Sentiment Index reports will also influence market sentiment.

Strengthening US Dollar and Positive Economic Data Impact on Bitcoin Prices

The US dollar has strengthened recently due to positive economic data, decreasing the likelihood of a Federal Reserve rate cut in September. This has pressured the crypto market, including Bitcoin.

Atlanta Fed President Raphael Bostic highlighted ongoing inflation concerns, suggesting the Fed might maintain higher rates to avoid economic overheating.

• FedWatch Tool: Chances of unchanged rates in September rose from 41.9% to 48.4% on May 23rd.
• US Initial Jobless Claims: Fell by 8,000 to 215,000 for the week ending May 18.
• PMI Data: Manufacturing PMI increased to 50.9 in May, Services PMI rose to 54.8, and Composite PMI jumped to 54.4, all surpassing expectations.

The stronger US dollar and positive economic indicators have made crypto investments like Bitcoin less appealing due to higher opportunity costs.

Bitcoin Sees Bullish Trend Amid US Regulatory Changes

Recent regulatory changes in the US have sparked a bullish trend for Bitcoin. Key developments include Congress members urging the SEC to approve spot Ethereum (ETH) ETFs and the passing of the FIT21 bill, which clarifies cryptocurrency regulations.

Additionally, major Bitcoin holders, known as “whales,” have accumulated 20,000 BTC, worth around $1.4 billion, in the past week.

• Strong activity in Bitcoin-linked ETFs has also been observed, with $1.7 billion flowing into these funds over the last eight days.

These regulatory changes and positive developments have boosted demand for Bitcoin, with significant accumulation by whales and substantial inflows into spot Bitcoin ETFs.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is currently trading at $67,835, down 2.25% over the past 24 hours, signalling a bearish Bitcoin price prediction. The

Bitcoin price is currently trading at $67,860, down 0.27% over the past 24 hours. The 4-hour chart highlights a pivot point at $68,263. Immediate resistance levels to watch are $70,029, $71,458, and $73,299. On the downside, immediate support levels are at $66,357, $64,947, and $63,490.

The Relative Strength Index (RSI) is at 40, indicating that Bitcoin is approaching oversold conditions. The 50-day Exponential Moving Average (EMA) is at $68,615, suggesting a bearish trend as prices trade below this average.

In conclusion, Bitcoin remains bearish below $68,250. A break above this level could shift the trend to bullish, while a continued decline could see further losses.

Bitcoin Price Prediction

Conclusion: Bitcoin’s current price action suggests a bearish outlook as it trades below the pivot point of $68,263. Immediate resistance levels are at $70,030, $71,450, and $73,300, while support levels are at $66,357, $64,947, and $63,490.

You might also like Bitcoin Price Prediction 2024 – 2034

Mega Dice Presale Nears Final Stage with $1.34M Raised: Last Chance Before Price Increase

The Mega Dice presale is nearing its final stage, having raised $1,337,416.86 with over 19 million $DICE tokens sold out of 28 million. This surge in investment underscores the growing interest in crypto-integrated iGaming platforms within the Web3 space, where Mega Dice is making significant strides.

Another milestone for Mega Dice Casino is reaching 10,000 members in the $DICE Telegram SuperCommunity. This active community engages in daily discussions about $DICE, utilities, and partnerships and provides technical support.

In the expanding GambleFi sector, Mega Dice leverages its $DICE token to enhance the online gaming experience. Players use $DICE for gameplay, gaining entry into exclusive competitions and access to a loyalty program offering generous rewards and VIP experiences.

Mega Dice’s buyback and burn strategy aims to maintain token scarcity and boost market value. With the presale ending soon and the next price stage imminent, now is a pivotal moment for potential investors.

Stay updated with the latest from Mega Dice on platforms like X/Twitter and Telegram, and consider joining the presale before the price increases to $0.075 per $DICE token.

Buy Mega Dice Today

Follow Us on Google News Disclaimer: The text above is an advertorial article that is not part of Cryptonews.com editorial content.