BTC drops below $61,000 again

While the price forecasts of Bitcoin are becoming increasingly cautious, the leading cryptocurrency continues to face significant headwinds. Recently traded around $61,540Bitcoin fell to an intraday low of $60,790influenced by the intensification of regulatory controls in the United States and an aggressive policy on interest rates by the Federal Reserve.

Despite these challenges, strategic initiatives such as the $1 billion liquid cryptocurrency ETF fund have been introduced Hong Kong to support market stability and potentially mitigate further losses.

This fund, along with partnerships such as Wintermute’s collaboration with OSL and HashKey, aims to improve the liquidity of Bitcoin and Ethereum ETFsoffering a glimmer of hope for recovery amid market uncertainties.

Token unlocks and Bitcoin distributions trigger a market downturn

A search for 10x Research indicates that approximately $2 billion worth of tokens are expected to be unlocked in the next ten weeks. This influx of previously locked tokens will likely inflate market supply and could dampen altcoin values.

When these assets enter the market, i venture capitalist they could sell their holdings to capitalize on gains, thus stifling potential upward movements in cryptocurrency prices.

This scenario could potentially usher in a long correction period for the cryptocurrency market.

• The increased supply resulting from the unlocking of tokens could put downward pressure on cryptocurrency prices.
• The potentials sell-off of venture capitalists could hinder the market’s recovery efforts.
• Bitcoin and altcoins face market challenges ahead of further deployments.

The stronger US dollar and expectations of high interest rates are putting pressure on Bitcoin prices

The strength of the US dollar, supported by expectations that the Federal Reserve can keep interest rates high for an extended period, it is putting pressure on Bitcoin prices.

This scenario is strengthened by the increase in US Treasury yields, which supports the rise of the dollar. Susan Collins The Federal Reserve noted that reaching the 2% inflation target could slow economic growth, adding complexity to the rate outlook.

Although they are not guaranteed further rate increases, they remain possible, reflecting the Fed’s cautious attitude towards monetary policy. This financial environment, characterized by a robust dollar and the anticipation of high long-term rates, drives investors towards more traditional assets, thus depressing the value of Bitcoin.

• The strong US dollar and high Treasury yields dampen Bitcoin’s appeal.
• The Fed’s cautious policy could slow growth, keeping rate hike options open.
• Investors are turning to safer assets, putting downward pressure on Bitcoin prices.

Whale buying reflects confidence in Bitcoin despite economic uncertainties

Despite the economic uncertainties and the cautious position of the Federal Reservethe large Bitcoin investors, commonly called “whales”have demonstrated considerable confidence in the cryptocurrency.

Over the past few days, these investors have been buying approx $971 million worth of Bitcoinwhile trading volumes generally decreased.

According to data from Santimentwallets holding between 1,000 and 10,000 BTC added over 15,000 BTC to their balances.

This surge in whale activity occurred even as the price of Bitcoin dropped to $27,000underscoring a robust feeling of optimism among major players in the cryptocurrency market.

• Whales Accumulate $971 Million in Bitcoin, Signaling Market Confidence.
• Availability in large Bitcoin wallets grows by over 15,000 BTC.
• Market sentiment remains positive despite the decline in Bitcoin prices.

Bitcoin price prediction

The price chart of TradingView shows that Bitcoin (BTC)at the time of writing, was trading at $61,540, suggesting a bearish price outlook. As BTC approaches critical technical thresholds, its market behavior suggests cautious optimism among traders.

Currently, the pivot point is set at $62,638in close alignment with the 50-day exponential moving average (EMA) a $62,509. This closeness indicates a potential battleground for bullish and bearish sentiments.

Bitcoin faces immediate resistance to $64,748with additional barriers to 67,149 And $69,441. Support levels are set at 60,928, 58,927 And $56,625marking significant fallback positions in the event of a price retracement.

The relative strength index (CSR) at 40 indicates bearish momentum below the EMA 50. A decisive move above this EMA could shift to a more bullish outlook, while staying below could intensify selling pressures.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

Secure your first benefits with the 99Bitcoins presale

The leading platform in digital training, 99Bitcoinsis transforming the way users learn about cryptocurrencies with the mechanism Learn-to-Earnwhich allows users of the platform to improve their knowledge while earning money at the same time 99BTC token.

The presale offers early investors a rare chance to secure i 99BTC token at the competitive price of $0.00104 each. 99BTC tokens, in addition to supporting the rewards mechanism, also provide access to premium content and additional benefits within the community.

To date, the pre-sale has raised $1,150,113, moving closer to the next milestone of $1,892,544. With just over 4 days until the next pre-sale phase begins, this is a crucial time to invest in 99BTC token and start benefiting from the opportunity to staking immediate.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

Read also: