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Future Expectations and Risks
Expectations of a soft economic landing and the possibility of multiple 2024 Fed rate cuts could push BTC toward $65,000. However, investors should consider US BTC-spot ETF flow trends and oversupply risk. Waning demand for US BTC-spot ETFs and possible supply from the US government and Mt. Gox could pull BTC toward $55,000.
Investors should remain alert amid possible changes to supply-demand trends. Stay updated with our latest news and analysis to manage exposure to BTC and the broader crypto market.
Technical Analysis
Bitcoin Analysis
BTC remained above the 200-day EMA while holding below the 50-day EMA, affirming bearish near-term but bullish longer-term price signals.
A break above the 50-day EMA would support a move toward the $64,000 resistance level. Furthermore, a breakout from the $64,000 could give the bulls a run at the $69,000 resistance level.
US BTC-spot ETF market flow trends, supply-related news, and Fed chatter require consideration.
Conversely, a break below the 200-day EMA could signal a drop to $55,000. A fall through $55,000 could give the bears a run at the $52.884 support level.
With a 49.82 14-Daily RSI reading, BTC could fall to the $55,000 handle before entering oversold territory.