Bitcoin, the leading cryptocurrency, has been struggling to overcome a bearish trend recently, with its price hovering around $67,824. The decline in Bitcoin prices was further intensified following the release of positive US economic data, including robust labor market numbers, which lowered expectations of a September Federal Reserve rate cut. This decrease in demand for riskier assets has had an impact on Bitcoin prices. Investors are now focusing on upcoming comments from Fed officials, particularly from Fed’s Waller, whose remarks could potentially weigh further on Bitcoin. Additionally, upcoming economic reports like US Durable Goods Orders and the Michigan Consumer Sentiment Index will also influence market sentiment.
The strengthening US dollar and positive economic data have played a role in impacting Bitcoin prices. Recent data has shown a potential decrease in the likelihood of a Federal Reserve rate cut in September, with Atlanta Fed President Raphael Bostic expressing concerns about inflation. As a result, the FedWatch Tool indicates an increased chance of unchanged rates in September, while other economic indicators like US Initial Jobless Claims and PMI data have also been favorable. This has made crypto investments like Bitcoin less appealing due to higher opportunity costs.
Despite the recent challenges, Bitcoin has seen a bullish trend amid regulatory changes in the US. These changes include Congress members urging the approval of spot Ethereum ETFs by the SEC and the passing of the FIT21 bill, which clarifies cryptocurrency regulations. In addition, major Bitcoin holders, or “whales,” have been accumulating significant amounts of BTC, and there has been strong activity in Bitcoin-linked ETFs with substantial inflows. These developments have boosted demand for Bitcoin and have led to positive price movements.
In terms of price prediction, Bitcoin is currently trading at $67,835 and has seen a 2.25% decrease over the past 24 hours, indicating a bearish trend. Immediate resistance levels to watch are at $70,029, $71,458, and $73,299, while support levels are at $66,357, $64,947, and $63,490. The Relative Strength Index (RSI) suggests that Bitcoin is approaching oversold conditions, while the 50-day Exponential Moving Average (EMA) indicates a bearish trend. A break above $68,250 could shift the trend to bullish, while continued decline could result in further losses.
The Mega Dice presale is approaching its final stage, having raised over $1.3 million with millions of DICE tokens sold. This surge in investment highlights the growing interest in crypto-integrated iGaming platforms like Mega Dice within the Web3 space. With the presale ending soon and the price expected to increase, now is a crucial moment for potential investors to consider joining before the token price rises. Stay updated with the latest developments from Mega Dice on platforms like Twitter and Telegram to stay informed about this exciting opportunity in the GambleFi sector.
