Bitcoin Price Prediction: BTC Near $70,000 Amid FOMC Meeting Minutes Revealing Inflation Concerns
05/23/2024 08:29
Bitcoin price prediction highlights BTC approaching $70,000 as the latest FOMC meeting minutes reveal ongoing inflation concerns and potential interest rate impacts.
Federal Reserve officials expressed growing concern about inflation during their most recent meeting, with many members hesitant to move forward with interest rate reductions.
The FOMC decided to keep the short-term borrowing rate in the 5.25%-5.5% range, a 23-year high. The decision was based on data indicating continued solid economic growth.
Since then, there have been minor improvements, with the April consumer price index showing a 3.4% annual inflation rate, slightly lower than March.
However, consumer sentiment surveys indicate rising concerns about inflation.
Fed officials noted several upside risks to inflation, including geopolitical events and the impact on low-income consumers. Some attributed early-year inflation increases to seasonal factors, while others warned against dismissing these broad-based moves.
Concerns were also raised about consumers turning to riskier financing methods, like increased credit card use and buy-now-pay-later services.
Despite optimism about growth prospects, officials expect some moderation this year. They believe inflation will eventually return to the 2% target but are uncertain about the timeline and the impact of high interest rates.
Since the meeting, Fed officials have maintained a cautious tone. Fed Governor Waller emphasized the need for “several months” of positive data before considering rate cuts.
Chair Jerome Powell echoed the need for patience, suggesting the Fed will wait for restrictive policies to curb inflation. Futures pricing indicates a 60% chance of the first rate cut in September, with lower expectations for a second cut in December.
Impact on Bitcoin: Rising interest rates could decrease Bitcoin’s appeal as an inflation hedge, potentially leading to price volatility.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $69,553, showing a modest increase of 0.63% over the last 24 hours. The pivot point, marked by the green line at $69,219, serves as a crucial level, indicating the primary trend direction.
Above this pivot point, the immediate resistance levels to watch are $72,030, $73,734, and $75,480. These levels represent potential barriers where selling pressure could increase, challenging further upward movement.
On the downside, support levels are identified at $67,549, $65,949, and $63,901. These levels could provide a cushion against declines, offering potential entry points for buyers.
The presence of an upward trendline further bolsters this bullish outlook. However, a break below the pivot point of $69,675 could trigger a sharp selling trend.
In conclusion, Bitcoin price prediction remains bullish at $69,675, but a breach below this level could lead to significant downside pressure.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.