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Bitcoin Price Prediction: BTC Nears $68,000 as Fed Policy, FOMC and Inflation Loom
Arslan Butt
Last updated:
June 12, 2024 07:22 EDT | 4 min read
Investors are reducing their expectations for an imminent Federal Reserve interest rate cut in September, bolstered by a strong US labor market and persistent inflation. This has pushed the US dollar to near a one-month high, putting significant downward pressure on BTC prices.
Looking ahead, traders are cautious about placing strong bids as they await the latest US consumer inflation figures and the highly anticipated outcomes of the outcomes of the Federal Open Market Committee (FOMC) meeting scheduled for later this Wednesday.
Impact of US Federal Reserve Policy on Bitcoin Price
Investors are scaling back expectations for a Federal Reserve interest rate cut in September, driven by a robust labor market and ongoing inflation.
This has propelled the US Dollar to nearly a one-month high. Market indicators suggest that the Fed might consider a modest 25 basis points rate cut later this year, possibly in November or December.
Traders will be closely monitoring the release of the latest US consumer inflation figures and the critical FOMC monetary policy decision.
The headline US Consumer Price Index is expected to ease slightly to 0.1% in May from the previous 0.3%, while the annual rate is predicted to remain at 3.4%, exceeding the Fed’s 2% target.
Meanwhile, Core CPI is forecast to stay at 0.3% for the month and decrease slightly to a 3.5% annual rate from April’s 3.6%, indicating persistent inflationary pressure.
The US central bank is likely to maintain interest rates and unveil updated economic projections, including the influential “dot plot,” which could impact Bitcoin’s price.
Therefore, the reduced likelihood of a Federal Reserve interest rate cut and anticipation of persistent inflation could strengthen the US Dollar, affecting Bitcoin’s price as investors look for signals from the FOMC meeting.
Bitcoin Stability Concerns Raised by Peter Schiff Amid ETF Debate
Economist Peter Schiff has voiced concerns about Bitcoin’s stability, particularly with the influx of potential institutional ETF buyers.
Schiff argued that relying on ETF purchases to drive Bitcoin prices could increase market volatility, as ETF buyers may eventually sell off their holdings.
He contrasted this with spot buyers who typically hold Bitcoin for the long term.
However, Schiff’s views faced opposition from those who believe ETF buyers are usually long-term investors, differing from spot traders. Schiff’s skepticism about Bitcoin isn’t new; he previously questioned its future amid excitement over Ethereum spot ETF approvals and declared Bitcoin in a bear market despite the hype surrounding Bitcoin ETFs.
Schiff’s concerns about Bitcoin’s stability due to potential institutional ETF buyers may contribute to market uncertainty. The debate between Schiff and others highlights differing perspectives, which could influence investor sentiment and impact Bitcoin’s price.
Bitcoin Price Prediction
Bitcoin is currently trading around $66,850, facing challenges in maintaining its position above the pivot point at $65,985 signalling a bullish Bitcoin price prediction. Immediate resistance is observed at $67,600, followed by further resistance levels at $69,200 and $71,000. These levels indicate potential barriers for upward movement in the near term.
On the downside, Bitcoin has immediate support at $64,600, with additional support levels at $63,450 and $62,200. These levels are crucial for preventing further declines and maintaining the current price structure.
The Relative Strength Index (RSI) is at 37, suggesting bearish momentum. Additionally, Bitcoin’s price is below the 50-day Exponential Moving Average (EMA) of $69,000, which further supports the bearish outlook.
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