Bitcoin (BTC) has stopped falling and is now moving up again. It has exceeded $67,000 and hit a daily high of $67,600. Bitcoin briefly fell below $66,000, but it quickly rose again because people thought the Federal Reserve would lower interest rates and because of rising tensions in the Middle East, especially after Iran’s president’s chopper crash.
Because of these things, buyers see Bitcoin as a way to protect themselves from economic and political risk. Crypto traders will be paying close attention to the talks of Fed officials Bostic, Bullard, Waller, Evans, and Mester in the coming weeks because they will give them clues about how the Fed will handle money in the future. If these officials say things that make people nervous, it could stop Bitcoin’s rise by indicating that monetary policy will be tightened. This would make riskier assets like cryptocurrencies less appealing.
During economic or political unrest, Bitcoin often increases in value as a safe haven currency. Iran’s President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian died in a terrible chopper crash in East Azerbaijan province not long ago.
Bitcoin’s Role in Times of Crisis: Potential Safe Investment
Rescuers found the crash site after looking for a long time in bad weather. The vice president of Iran will take over as president and new polls are set for 50 days from now. Countries in the Middle East are standing with Iran through this tough time. People may see Bitcoin as a safe investment, which can cause more people to want to buy it and drive up its price during times of crisis.
The broad-based US dollar decreased as investors waited for possible Fed rate cuts. Thomas Barkin, president of the Richmond Fed, said it would take longer to meet the 2% goal despite inflation going down. Loretta Mester, president of the Cleveland Fed, said that the current monetary policy is right while they continue to examine economic data. Fed Governor Michelle Bowman said she would raise rates if inflation stays low despite the tight policy.
The CME FedWatch tool puts a 10% chance of a rate cut in June and a nearly 80% chance in September into the markets. The possibility of rate cuts from the Federal Reserve and words about being cautious with monetary policy make the financial markets less stable and more volatile. Because of this, investors are looking for alternative investments like Bitcoin (BTC) to protect themselves against inflation and economic instability, which drives up the price of Bitcoin.
The Bitcoin/USD exchange rate is currently $66,927, up 1.01%. A bullish Bitcoin price forecast is made. The pivot point on the 4-hour chart is at $65,984, which is a key figure for how prices will move shortly. At $67,443, there is immediate opposition.
Next comes $69,156, and then $71,194. Support for the fall is at $64,617 right now, and it gets stronger at $63,040 and $61,328. The Relative Strength Index (RSI) is at 59, which means there is some movement. With resistance around $67,443 and support at $65,985, a rising triangle pattern is taking shape, which usually means the price could break out to the upside. At $64,562, the 50-day Exponential Moving Average (EMA) backs up the strong view.
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