Connect with us

Hi, what are you looking for?

Editor's Pick

Bitcoin Price Prediction: Falls to $60,620 Amid Fed Rate Cut Speculation and ETF Inflows

Bitcoin Price Prediction

Today, Bitcoin is trading at $60,620, marking a 4% decrease over the last 24 hours. The cryptocurrency’s recent uplift is attributed to dovish economic data from the U.S., hinting at possible Federal Reserve rate cuts.

This anticipation has weakened the dollar and, in turn, boosted Bitcoin’s value. Additionally, significant inflows of $11.54 million into Bitcoin ETFs, like Grayscale and Bitwise, along with Trump’s positive remarks on cryptocurrencies, have further fueled the upward movement.

Rising US Jobless Claims Boost Crypto Market Amid Rate Cut Hopes

The latest US employment data reveals a slowing labour market, stirring optimism within the cryptocurrency sector. Recently, the US Bureau of Labor Statistics reported that initial jobless claims rose unexpectedly to 231,000 for the week ending May 3, significantly higher than the anticipated 210,000.

This uptick suggests a softening job market, which might prompt the Federal Reserve to consider rate cuts sooner than anticipated—a scenario that typically benefits cryptocurrencies like Bitcoin.

Investors are now keenly awaiting further economic reports, such as the Consumer Price Index (CPI) and Producer Price Index (PPI), to gauge future monetary policy directions. 

This expectation fosters a bullish outlook for cryptocurrencies.

Unexpected Rise: Jobless claims hit 231,000, hinting at a softening job market.
Federal Reserve Impact: Potential rate cuts could favour cryptocurrency investments.
Market Watch: Investors await CPI and PPI reports for further economic clues.

Jack Dorsey’s $1M Bitcoin Forecast Faces Regulatory and Market Challenges

Jack Dorsey, the co-founder and former CEO of Twitter, has made a bold prediction that Bitcoin will reach at least $1 million by 2030. This forecast coincides with his recent departure from the decentralized platform BlueSky, motivated by shifts away from its original vision of true decentralization.

Jack Dorsey’s Bold Bitcoin Bet: $1M by 2030

— C-Dub (,) (@Stocktrader) May 10, 2024

Simultaneously, Dorsey’s fintech enterprise, Block, faces regulatory scrutiny, impacting its services like Square and Cash App. Despite these challenges, Bitcoin shows robustness in the market, maintaining a price of around $61,000.

While Dorsey remains optimistic about Bitcoin’s potential, the ongoing regulatory pressures and market uncertainties continue to pose significant challenges.

Bold Prediction: Jack Dorsey foresees Bitcoin reaching $1 million by 2030.
Regulatory Scrutiny: Block, including Square and Cash App, under compliance review.

Bitcoin Price Prediction

Today, Bitcoin is priced at $60,620, witnessing a decline of around 4% within the last 24 hours. Bitcoin price prediction seems bearish as BTC is holding below $60,975. Above this pivot, immediate resistance levels are observed at $63,400, followed by $65,050, and extending to $67,160, which may challenge further upward movements.

Conversely, support levels are marked distinctly, beginning at $59,075 and subsequent support at $56,640 and $54,400.

Bitcoin Price Prediction

Technical indicators reflect a cautious outlook; the Relative Strength Index (RSI) stands at 38, indicating a potential overselling scenario. The 50-day Exponential Moving Average (EMA) is positioned at $62,325, providing a reference point for current price actions.

Bitcoin’s recent market behaviour shows a bearish engulfing pattern on the 4-hour chart, breaching the upward trendline at $60,975. This breakdown suggests potential downward pressure, targeting the immediate support level at $59,075.

Conclusion: Bitcoin’s current market stance is bearish, below the $60,975 threshold. A decisive move above this level could, however, pivot towards a bullish trend.

Unlock Early Benefits: 99Bitcoins Token Presale Now Live!

The 99Bitcoins presale is currently underway, offering a unique opportunity in cryptocurrency education. By participating in this ‘learn-to-earn’ platform, users can enhance their understanding of digital currencies while acquiring $99BTC tokens, which are both a reward mechanism and a gateway to premium content and community benefits.

With the token price set at $0.00104 each, early investors are provided a cost-effective entry point to start growing their expertise and investment simultaneously.

As of now, the presale has successfully raised $1,169,037, moving closer to the target of $1,892,544. With only four days and just over an hour remaining before the next stage price increase, this limited-time offer presents a critical moment for investors to buy into $99BTC and gain access to immediate staking options.

Secure Your 99Bitcoins Today

The post Bitcoin Price Prediction: Falls to $60,620 Amid Fed Rate Cut Speculation and ETF Inflows appeared first on Cryptonews.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like


Boeing’s spaceflight program may reach a significant milestone Monday night with the launch of its Starliner spacecraft, carrying — at long last — two...


Arcade chain Dave and Buster’s plan to allow customer betting isn’t winning over everyone. Software company Lucra Sports announced on Tuesday that it was working with...

Top News

It appears increasingly possible that Donald Trump could face actual jail time before we ever get a verdict in any of his four criminal...


A 17-year-old boy handed himself in to police after admitting that he attacked a German politician on Friday. Police say that Matthias Ecke, the...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 InvestorsOnRetire. All Rights Reserved.