Bitcoin Drops to 30-Day Low as US Inflation Data Raises Concerns, Whales Accumulate

Bitcoin, the leading cryptocurrency, has recently experienced a significant decline, dropping to its lowest level in 30 days at $65,057. This has raised concerns

Bitcoin, the apex cryptocurrency, has slid to its lowest point in 30 days, dropping to $65,057 as new data raises questions about the future of BTC’s price. Several factors are at play, contributing to this price decrease and creating uncertainty over whether this is a temporary setback or a more serious issue.

Recent data from the University of Michigan shows a decrease in consumer sentiment to a seven-month low, indicating growing concerns about the economic outlook. This weakening confidence could deter investments in riskier assets, such as Bitcoin.

Inflation expectations also remain elevated, exceeding the Federal Reserve’s 2% target with projections of 3.3% in the next 12 months and 3.1% in the next five years. The Fed’s cautious stance on interest rates, as expressed by Chair Jerome Powell, suggests that rates may stay higher for an extended period, which could continue to put pressure on Bitcoin prices.

The strengthening US dollar, driven by robust economic data and the Fed’s cautious approach, is exerting downward pressure on Bitcoin's price. The dollar's appeal as a safe-haven asset, along with expectations of higher interest rates, is attracting investment away from alternative assets like Bitcoin. BTC lacks interest payments or dividends, making it less appealing in a high-interest-rate environment.

Despite the price decrease, Bitcoin whales have shown confidence in the cryptocurrency's long-term potential, accumulating a significant amount of BTC in a single day. This indicates that some investors view current prices as a buying opportunity.

Bitcoin is currently trading at around $66,100, with a bearish price prediction showing resistance at $68,500, $70,000, and $71,700. Support is seen around $65,000, $63,950, and $63,000.

Technical indicators show a slightly bearish bias, with the 50-day Exponential Moving Average (EMA) at $67,900 and the Relative Strength Index (RSI) at 40. Facing resistance, Bitcoin may find support near $65,000, with indicators suggesting a slightly bearish momentum.

The 99Bitcoins presale is in its final hours, giving investors a chance to secure 99BTC tokens at the current price of $0.00109 before it increases. Having raised over $2.1 million, investors can access staking opportunities and premium content within the 99Bitcoins community.

This platform aims to revolutionize crypto education and offers rewards for learning. Investors are encouraged to take advantage of this limited-time offer before the price increases in the next stage. However, it’s important to note that investing in crypto is a high-risk asset class and individuals could potentially lose all of their capital.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-drops-day-low-inflation-data-raises-concerns-whales-accumulate.html

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