Bitcoin, the leading cryptocurrency, is experiencing a significant upward movement, aiming for the $70,000 threshold. Altcoins are also beginning to recover from recent losses. The market’s direction is expected to become clearer once the three-year median interest rate forecasts for cryptocurrencies are priced in.
Bitcoin’s Journey: What to Expect?
On June 7, Bitcoin experienced a sharp decline from $72,000, largely due to economic indicators such as an unexpected rise in wage growth and Non-Farm Payrolls surpassing expectations by nearly 100,000. Despite these setbacks, the Federal Reserve is not expected to overemphasize these minor economic hiccups.
The Federal Reserve is not anticipated to cut interest rates in June, with the first potential reduction likely in September. However, with inflation data forthcoming, investors are expected to proceed with caution over the next few days.
How Are Bulls Holding the Line?
Drawing strength from the 20-day Exponential Moving Average (EMA), Bitcoin bulls maintain the $68,603 level, preventing a significant pullback. With Bitcoin nearing $70,000, buyers are taking advantage of lower price levels. Should the bullish scenario play out, Bitcoin could aim for its all-time high (ATH) of $73,777 and eventually target $80,000.
Surpassing the $80,000 mark could pave the way for Bitcoin to reach $88,000 and even six-figure price levels. However, should the support level fail, a decline to $65,807 could intensify.
Key Takeaways
– Bitcoin is stabilizing above the $68,603 level, indicating bullish momentum.
– Inflation data release will be crucial for short-term market movements.
– Potential targets include $73,777, $80,000, and beyond, provided support levels hold.
– A failure to maintain support could lead to a significant drop to $65,807.
The Federal Reserve’s anticipated volatility and their strategic maneuvers will shape Bitcoin’s short-term trajectory.
BNB Coin Price Prediction
BNB Coin recently set an all-time high and is expected to continue its journey towards $800. However, it faced selling pressure on the last trading day of the week. Early predictions suggested a potential dip to $635 as the price hovered around $700. This was realized within hours, with BNB Coin dropping to $658.
Despite this, BNB attracted significant buyers at lower levels and remains robust. As long as it doesn’t close below $635, the target remains $775, with resistance at $695 and $722.
