Sathvik Vishwanath, Co-Founder & CEO, Unocoin said, “Bitcoin turned bearish, falling from $69,977 to $67,039, now trading at $67,600.32. The unexpected hawkish stance of the Federal Reserve, which predicts only one rate cut in 2024, has put bitcoin under pressure despite softer inflation data. Rising US Treasury yields and a stronger dollar further weighed on BTC. However, significant accumulation of Bitcoin whales and renewed interest in US Bitcoin ETFs indicate investor confidence and potential price stability. Key resistance is at $70,000 and support at $66,000. The current price below the 50-day EMA of $68,800 and RSI of 44 indicate a continued bearish trend unless the pivot point of $68,500 is broken.”
sekar nallalu Cryptocurrency Crypto Market Dips Marginally Even As Trading Volume Declines; Bitcoin, Ethereum Down