Bitcoin traded at $61,949, up 0.65% due to the Federal Reserve’s hawkish stance on interest rates affecting its price outlook. The recent US Producer Price Index (PPI) report meeting expectations has reinforced the anticipation of prolonged high interest rates, impacting investor sentiment towards cryptocurrencies including Bitcoin. The Core PPI rose by 2.2% yearly in April, aligning with expectations, providing further justification for the Federal Reserve to maintain higher rates, negatively impacting Bitcoin and other cryptocurrencies.
Investors are closely monitoring statements from Federal Reserve officials regarding tapering asset purchases. The recent US PPI data and the hawkish stance on interest rates have heightened expectations of higher interest rates, diminishing investor confidence in risky assets like Bitcoin. With the upcoming Consumer Price Index (CPI) release, market participants will be closely watching for further insights into the economy’s direction and potential impacts on cryptocurrencies.
Key economic data from the United States revealed significant changes with the Core CPI for April rising by 0.3% month-over-month, down from the previous 0.4%, while Core Retail Sales increased by 0.2%, a decline from the prior 1.1%. These fluctuations alongside the Empire State Manufacturing Index improvement suggest a mixed economic outlook with persistent inflation pressures and fluctuating consumer and manufacturing activities, impacting Bitcoin and other digital assets.
El Salvador’s eco-friendly approach to Bitcoin mining using volcanic geothermal energy has garnered global attention. The country has mined approximately 474 bitcoins since September 2021, using sustainable practices aligned with its national energy and environmental policies. El Salvador’s initiative showcases the potential for merging cryptocurrency mining with renewable energy, addressing environmental concerns associated with traditional mining and gaining recognition for its forward-thinking approach.
A bullish Bitcoin price prediction sees BTC/USD trading at $61,949, up 0.65%, with immediate resistance levels at $63,164, $64,271, and $65,504, and support levels at $60,275, $59,218, and $58,237. Technical indicators suggest a supportive environment for a bullish trend, with the Relative Strength Index (RSI) at 50 indicating balanced momentum. The 50-day Exponential Moving Average (EMA) stands at $61,626, providing additional support to the current price, favoring a buying trend.
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