June 28, 2024, 3:22 PM CEST
| 4 min read
Bitcoin (BTC) broke its negative streak and gained slight bullish traction which allowed it to reach the $61,500 area, reaching an intraday high of $62,150 and suggesting the possibility of a bullish price forecast.
The upward trend is linked to US macroeconomic data which has increased speculation of an imminent rate cut by the Federal Reserve this year.
Furthermore, BTC gained further momentum when Donald Trump has extended his lead over Joe Biden during the presidential debate last night, June 27, boosting investor confidence.
However, BTC’s gains may be short-lived as outflows from the Bitcoin Spot ETF have reached 1.3 billion dollars, indicating low investor interest and potential downward pressure on prices.
US Economic Indicators and Fed Signals on Bitcoin
In the United States, favorable macroeconomic data released on Thursday fueled hopes that the Federal Reserve start cutting interest rates already this year. This hypothesis has triggered a mini rally in Bitcoin prices.
Furthermore, the US dollar received support from comments from the Fed governor. Michelle Bowman, who stressed that the Fed is not considering cutting rates due to the risk of inflation for the currency.
These signals and economic data are influencing market sentiment, with Bitcoin coming under upward pressure from rate cut speculation, while the dollar finds stability on cautious inflation concerns.
Main data
- GDP growth: First-quarter GDP growth was revised upward to 1.4% annualized, the slowest pace since spring 2022. This indicates a notable slowdown from the previous quarter’s 3.4% increase.
- Durable goods orders: May saw a slight increase of 0.1%, contrasting with expectations of a 0.1% decline, following revised growth of 0.6% in April.
- Job requestsInitial jobless claims fell to 233,000 at the end of June, even as the four-week average rose to 236,000, the highest since last September.
- Pending Home SalesThey fell 2.1% in May, hitting their lowest level since 2001, signaling the difficulties of the housing market.
These economic indicators highlight the uncertainties that are shaping market sentiment. Weaker economic data from the United States has increased expectations of a rate cut from the Fed, sending Bitcoin prices higher as investors react to potential monetary policy shifts in favor of cryptocurrencies.
Bitcoin Price Soars Amid Presidential Debate
During CNN’s first nationally televised presidential debate last night, Bitcoin rose 1.1% in price as Donald Trump emerged as the clear favorite over President Joe Biden.
Bitcoin traded at $61,439 before the debate and reached a peak of $62,152 during the event, before settling at $61,362.
Second PredictItTrump’s chances of winning have increased, while Biden’s have significantly decreased. Observers have noted Biden’s difficulty answering many questions coherently.
Key points
- Price before the debate: $61.439
- Peak during the debate: 62,152 dollars
- Prezzo after the debate: $61,362
Trump’s odds on PredictIt increased from $0.53 to $0.63, while Biden’s odds decreased from $0.48 to $0.37 over the same period.
Bitcoin price prediction
Bitcoin (BTC/USD) is trading at $61,530, down 0.20%. On the 4-hour chart, the pivot point is set at $61,200. Immediate resistance lies at $62,510, followed by $63,440 and $64,510.
On the downside, immediate support is at $60,160, with further support levels at $59,190 and $58,430.
The Relative Strength Index (RSI) is currently at 50, indicating neutral momentum. The 50-day exponential moving average (EMA) is located at $61,780 and is serving as a critical resistance level.
Bitcoin is forming an ascending triangle pattern, with a significant resistance near the $62,500 level and support at the $61,200 pivot point, supported by an ascending trendline.
The outlook remains bullish above $61,200. However, a break below this level could trigger a strong selling trend.
