Saturday, July 13, 2024

Bitcoin Price Prediction: BTC Gains Traction Amid Key Macro Influences and ETF Approval Hopes_ Cryptured.

The value of Bitcoin (BTC/USD), which is currently trading at a hopeful $29,700, has increased by 1.60% on Wednesday.

Key macroeconomic factors, most notably the impending CPI report and the Federal Reserve’s impending interest rate decision, appear to be supporting this upswing.

The financial environment is also buoyant as anticipation for the establishment of a Bitcoin ETF grows, supporting the upsurge in the value of the cryptocurrency.

BTC Benefits from Macro Factors Ahead of the CPI Report and Fed Interest Rate Decision

The price of bitcoin today is directly correlated with broader economic factors. By examining historical trends, we can observe that the price of Bitcoin tends to increase during periods of monetary expansion, such as in 2021.

The Federal Reserve’s 2% objective is predicted to be surpassed by the Consumer Price Index (CPI) data for July, coming in at roughly 3.3%. This only fuels worries about inflation.

As the Federal Open Market Committee’s (FOMC) interest rate decision is set for September 20, there is a sense of expectation in the air.

This choice is viewed as the Federal Reserve’s effort to deal with the inflation problem. Investors in Bitcoin (BTC), even those who have large amounts, are using derivatives to open long positions to counteract this.

This might be able to support the price of BTC during this period of rising inflation. Nevertheless, there are still many unknowns, and if the economy deteriorates, investors might initially turn to more conventional safe havens.

Bitcoin ETF Approval Optimism Drives the Price Surge
Optimism surrounding the approval of a spot Bitcoin exchange-traded fund (ETF) is what’s causing the current spike in Bitcoin (BTC) prices.

Cathie Wood, the head of Ark Invest, and Mike Novogratz, who leads Galaxy Digital, both express optimism regarding the approval.

While Wood thinks that the Securities and Exchange Commission (SEC) may approve several ETFs at once, Novogratz, citing information from sources at BlackRock and Invesco, predicts that one of the eight pending BTC ETF applications will receive SEC approval within the next six months.

BlackRock’s involvement in this development is significant since it has increased investor confidence since the corporation requested a position in a Bitcoin fund in June.

These ETFs give institutional and individual traders a way to invest in Bitcoin without having to deal with cryptocurrency exchanges directly.

The price of BTC has reacted favourably to the likelihood of ETF approval due to increased engagement from significant actors in the sector and hopeful expectations.

Price Prediction for Bitcoin
The four-hour timescale shows that Bitcoin, which is currently trading around $29,697, exhibits a modest positive inclination but has difficulty crossing the $30,200 barrier.

Technical patterns that indicate a deteriorating bearish sentiment emphasise this resistance. Important indicators like the RSI and MACD are getting close to the overbought area, pointing to a possible weakening of the present positive trend.

Bitcoin may now go for the 38.2% Fibonacci retracement at $29,600 after reaching the 23.6% retracement at $29,800.

If it falls below $29,250, BTC might move towards $29,250. On the other hand, breaking through the $30,200 resistance may cause BTC to move into the $30,600–31,000 zone.

Critical levels are between $29,800 and $30,200; movements below them could signal a bearish trajectory for BTC.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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