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Bitcoin Price Prediction As BTC Bounces From $60,000 Level – More Selling Incoming?
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Bitcoin Price Prediction As BTC Bounces From $60,000 Level – More Selling Incoming?

As Bitcoin (BTC) price teeters around the $61,650 level after a 4% drop, its behavior hints at potential volatility. With the dollar’s rise linked to paused rate cuts enhancing its appeal, Bitcoin faces an opposite effect—diminished attraction due to the anticipated long-term high rates.

This positions Bitcoin at a precarious juncture, especially as the market braces for the April 20 halving, expected to slash mining rewards.

This event and the dollar’s strength may heavily influence upcoming Bitcoin price prediction, pressing investors to closely monitor both market reactions and economic indicators.

Bitcoin Declines as Dollar Strengthens Amid Rate Cut Pauses

As the US dollar experiences its strongest five-day surge in 14 months, Bitcoin has seen a notable decline, falling 9% to $63,936. 

This drop is influenced by the likelihood of prolonged high interest rates, which tend to reduce the appeal of riskier assets such as Bitcoin.

See Also: 14 Years Dormant Bitcoin Wallet Recently Transferred 50 BTC

The inverse relationship between Bitcoin and the dollar typically sees Bitcoin gain popularity when the dollar weakens. 

However, with the upcoming Bitcoin halving on April 20—which will halve BTC mining rewards—investors are watching the markets closely.

Despite Bitcoin’s current 52% market dominance, the broader economic concerns and high interest rate expectations are putting downward pressure on cryptocurrency values.

  • Bitcoin’s 9% drop coincides with the dollar’s significant rise.
  • April 20 Bitcoin halving anticipated to impact mining rewards.
  • Market watches closely as economic and rate concerns dominate.

LBBW Partners with Bitpanda for Crypto Custody Services, Targeting Corporate Clients

Germany’s largest state-backed bank, LBBW, is set to offer cryptocurrency custody services through a partnership with Bitpanda, starting in the second half of 2024. 

This move, initially targeting corporate clients, marks a significant step for institutional adoption of cryptocurrencies like Bitcoin and Ethereum.

LBBW’s entry into the crypto custody market, facilitated by Bitpanda’s established infrastructure, reflects a growing interest among traditional financial institutions in cryptocurrency services.

Such partnerships are poised to enhance market liquidity and attract more institutional investors, potentially boosting Bitcoin’s demand and reinforcing its position as a mainstream asset class.

  • LBBW to launch crypto custody services with Bitpanda in late 2024.
  • Focus on corporate clients, enhancing Bitcoin and Ethereum accessibility.
  • Potential to boost market liquidity and institutional interest in cryptocurrencies.

Bitcoin Halving’s Long-Term Impact Underestimated, Says Bitwise

Bitwise Asset Management highlights that while immediate effects of Bitcoin halvings on its price have historically been minimal, their long-term impact significantly boosts its value.

The typical pattern shows negligible price changes in the month following a halving, but substantial increases over the following year, suggesting that the market may undervalue these events’ long-term effects.

Despite this, industry experts remain wary, anticipating potential declines and miner sell-offs post-halving.

See Also: Filecoin Foundation Launches Legal Inquiry Into STFIL Incident In China

Although recent market corrections and predictions point to short-term volatility, historical trends suggest Bitcoin could experience considerable gains in the year after the halving, reinforcing optimistic long-term forecasts.

  • Minimal immediate price impact post-halving; significant long-term gains observed.
  • Industry experts anticipate short-term volatility and potential declines.
  • Historical patterns suggest substantial gains for Bitcoin one year post-halving.

Bitcoin Price Prediction

Bitcoin (BTC/USD)’s pivot point holds at around $62,216. Immediate resistance lies ahead at $64,606, with further barriers at $67,695 and $70,959. 

On the downside, significant support levels are found at $59,418, $56,271, and $53,182.

Technical indicators suggest a cautious outlook; the Relative Strength Index (RSI) is at 37, indicating potential oversold conditions, while the 50-Day Exponential Moving Average (EMA) at $66,047 reinforces the prevailing downward pressure.

A definitive move above $62,215 may signal bullish potential, but slipping below could intensify selling pressures, hinting at deeper corrections.

Unlock Cryptocurrency Rewards: Dive Into the 99Bitcoins Presale!

99Bitcoins, a pioneering digital education platform, is redefining cryptocurrency learning through its unique ‘learn-to-earn’ system. 

Users engage with educational modules and earn $99BTC tokens, enhancing both their knowledge and their digital wallets.

The ongoing presale of $99BTC tokens is stirring considerable excitement, offering these tokens at a reduced price for early adopters.

99Bitcoins Presale: Your Early Advantage

This presale is an invaluable opportunity for early investors to secure $99BTC tokens at advantageous rates, setting the stage for potential growth as the platform expands and its offerings evolve. 

These tokens reward users and open doors to further educational content and exclusive community perks.

Don’t Miss Your Chance

As of now, $439,698.51 has been raised towards the $1,136,737 goal. With only 5 days, 14 hours, 42 minutes, and 13 seconds remaining before the next price increase, act swiftly to purchase your $99BTC at just $0.00101 each.

Invest now to capitalize on the opportunity to immediately stake your $99BTC.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.