BitCoin (BTC/USD) recently crossed $60,000, but the celebration didn’t last long because comments from Federal Reserve officials caused new problems. Bitcoin has dropped by about 1.50% in the last 24 hours, even though it hit $60,800. This makes buyers wary of making BTC price predictions.
Financial reporter Walter Bloomberg said the market’s response is closely linked to Federal Reserve Governor Michelle Bowman’s comments. Based on Bowman’s comments, rate cuts are unnecessary for the rest of the year. This added a note of caution to a market that was otherwise going well.
Bitcoin Market Dynamics Amid Federal Reserve Speculation
The rumors of a possible loosening of monetary policy have been dashed by these statements. Because of this, buyers are paying close attention to economic news for any signs that the Federal Reserve might change its strategy, which could impact the Bitcoin market in the coming months.
The price of Bitcoin (BTC/USD) is $60,800. It has lost about 1.50% of its value in the last 24 hours. With a market value of about $1.2 trillion, Bitcoin is still the most valuable cryptocurrency, even after this drop. This has been a busy trading period, with about $22 billion worth of deals. The Bitcoin market is very busy right now.
Regarding technology, $60,975 is known as Bitcoin’s key turning point. Right away, there is support at $63,400. Bitcoin must also break through barriers at $65,050 and $67,160 to start going up again.
Direct funding, on the other hand, is at $59,075. If this level is not maintained, the price might drop even more. Bears might aim for support levels at $56,640 and $54,400.
Right now, the Relative Strength Index (RSI) is 38. This means the market may be too low, and prices could fall even more if things don’t improve. It is also hard to get past the $62,151 50-day Exponential Moving Average (EMA).
In short, Bitcoin is going down because it is selling below the key support level of $60,975. If this view is maintained, prices could drop even more, maybe to the support level of $59,075.
At the same time, much attention has been paid to Dogeverse, a growing network of joke coins that crosses multiple blockchains. Dogeverse has raised over $15 million, more than its original goal of just under $13 million. The price will rise in less than a day.
This growth plan aims to combine Doge’s wide reach with better blockchain features, which should make it more useful and gain more acceptance. People who want to buy Dogeverse have one last chance before the price changes. The start is coming up soon.
