Cryptocurrency War in Bitcoin (BTC) reversed its downward trend and found its footing again, surging over $67,000 and hitting an intraday high of $67,600. Expectations of rate reduction by the Federal Reserve and rising tensions in the Middle East, especially after the helicopter tragedy involving Iran’s president, caused Bitcoin to temporarily sink below $66,000 before bouncing again. Investors see Bitcoin as a way to protect themselves against economic and geopolitical volatility because of these considerations.
Future remarks by Fed officials Bostic, Bullard, Waller, Evans, and Mester will be of great interest to crypto traders, since they will offer valuable insights into the direction of monetary policy. These officials’ hawkish remarks could suggest stricter monetary policy, which would reduce the appeal of risky assets like cryptocurrencies and potentially impede Bitcoin’s upward trend.
Bitcoin as a Safe Haven Asset Amid Geopolitical Unrest
As a haven asset, War in Bitcoin tends to appreciate in value when the world economy or geopolitical situation is unstable. Tragically, a helicopter crash in East Azerbaijan province claimed the lives of Iranian Foreign Minister Hossein Amirabdollahian and President Ebrahim Raisi.
The crash site was located after rescuers searched in difficult weather.
- Iran’s vice president will assume presidential duties.
- New elections are scheduled within 50 days.
- Middle Eastern countries are showing solidarity with Iran during this difficult time.
In times of crisis, the price of Bitcoin (BTC) can soar due to increased demand and the widespread belief that it is a safe haven asset.
Fed Rate Cut Expectations Boost Bitcoin Amid Economic Uncertainty
As investors braced for possible rate cuts from the Federal Reserve, the broad-based US dollar slipped lower. Thomas Barkin, president of the Richmond Fed, made the observation that although inflation is decreasing, it will take more time to achieve the 2% objective. As the Federal Reserve continues to evaluate economic statistics, Cleveland Fed President Loretta Mester has declared that the present monetary policy is suitable.
The policy is tight, but the Federal Reserve Governor is willing to hike rates if inflation doesn’t pick up steam, as Michelle Bowman noted. The market has factored in a 10% probability of a rate cut in June and over 80% in September, according to the CME FedWatch tool.
Markets are becoming more unpredictable and volatile due to the Federal Reserve’s cautious monetary policy remarks and the possibility of rate decreases. Investors in this context are looking for alternative assets, such as War in Bitcoin (BTC), to protect themselves from inflation and economic uncertainty, which is driving up its price.
Bitcoin Price Prediction
With a bullish outlook on Bitcoin’s price, the BTC/USD is presently trading at $66,927, an increase of 1.01%. The pivot point, an important level for price action in the near term, is shown at $65,984 on the 4-hour chart. The $67,443, $69,156, and $71,194 levels will act as immediate resistance. The downside has $64,617 as short-term support and $63,040 and $61,328 as longer-term supports.
There is considerable momentum indicated by the Relative Strength Index (RSI), which is now at 59. A possible breakout to the upside is signaled by the formation of an ascending triangle pattern, with resistance at $67,443 and support at $65,985. With the 50-day EMA around $64,562, the bullish perspective is well-grounded.
Secure Early Advantages with the 99Bitcoins Presale
The ‘learn-to-earn’ platform from digital education pioneer 99Bitcoins is revolutionizing the way people study cryptocurrencies. Gaining experience and $99BTC tokens at the same time allows participants to expand their knowledge and invest more wisely. Smart investors are flocking to the current presale of $99BTC coins because of the low entrance price.
Exclusive Early Access to 99Bitcoins
An unprecedented opportunity to purchase $99BTC tokens at a bargain price of $0.00103 each is being offered to early investors during this presale. In addition to serving as a medium of exchange, these tokens grant holders entry to premium content and other community benefits.
Act Fast—Limited Time Offer
With a target of $2,036,443, the presale has raised $1,300,176 so far. Now is the time to deposit $99BTC and take advantage of immediate staking opportunities, since there are just over three days until the next pricing stage.
