Bitcoin Price Forecast BTC Falls to 67000 What is the Next Support Level

Bitcoin Price Forecast: BTC Slips to $67,000 – Where to Find Support Next?
Bitcoin (BTC), the top cryptocurrency worldwide, recently lost its upward momentum and turned bearish. After hitting a high of $69,977, BTC swiftly dropped to $67,039, and it currently sits at $67,600.32 with a 24-hour trading volume of $35.93 billion.
This change in direction was influenced by a surprising decline in U.S. inflation, which initially supported the upward movement.
However, the unexpected hawkish stance of the Federal Reserve, now predicting just one rate cut in 2024 instead of the three previously expected in March, has put downward pressure on Bitcoin.
As traders look forward, upcoming U.S. economic data, such as the Producer Price Index (PPI) and Weekly Initial Jobless Claims, are anticipated to present new short-term trading opportunities and further impact Bitcoin price forecasts.
Federal Reserve’s Hawkish Position and Stable Inflation Data Weigh on Bitcoin Price
The Federal Reserve’s sudden hawkish stance has overshadowed softer consumer inflation numbers, causing a decline in Bitcoin’s price.
Policy makers now anticipate only one rate cut in 2024, down from the three predicted in March.
This shift led to higher US Treasury bond yields and a stronger US Dollar, further weakening Bitcoin.
Initially, there was a positive response to the softer inflation data, but it quickly faded after the Fed’s announcement. The Fed kept interest rates steady, with the benchmark rate expected to reach 5.1% this year, indicating just one rate cut in 2024.
Moreover, the Fed increased its neutral rate forecast to 2.8% from 2.6%, bolstering the US Dollar and diminishing Bitcoin’s appeal.
On the data front:
The U.S. Bureau of Labor Statistics (BLS) reported that consumer inflation measured by the Consumer Price Index (CPI) remained unchanged in May for the first time since last June, with the yearly rate slightly dropping to 3.3% from 3.4%.
The annual core CPI, excluding food and energy prices, rose by 0.2% in May and increased by 3.4% on an annual basis, compared to the 3.6% rise in April and the anticipated 3.5%.
Therefore, the Federal Reserve’s more hawkish stance and steady inflation data have pushed Bitcoin’s price down, as higher U.S. Treasury yields and a stronger Dollar reduce the cryptocurrency’s appeal to investors.
Bitcoin Whales’ Significant Accumulation Indicates Investor Confidence
Large investors, known as Bitcoin whales, took advantage of a recent price drop to purchase substantial amounts of BTC. On June 11, they acquired 20,600 BTC, valued at about $1.38 billion—the largest single-day purchase since February.
Earlier in the week, as Bitcoin’s price fluctuated between $71,650 and $69,000, these whales consistently added between 1,300 and 2,200 BTC to their holdings daily. The notable purchase on June 11 coincided with a sharp decrease in Bitcoin’s price.
Despite a brief price rise following positive CPI results on June 12, Bitcoin was trading at $67,500 at the time of reporting. This activity also aligned with a reduction in the amount of Bitcoin available on cryptocurrency exchanges, indicating that investors anticipate higher prices in the medium to long term.
Hence, the substantial accumulation of Bitcoin by whales during the price drop on June 11 signals robust investor confidence. This trend suggests potential support for Bitcoin’s price amidst market fluctuations and reduced exchange supply.
Resurgent Interest in U.S. Bitcoin ETFs Bolsters Price Stability
U.S. spot Bitcoin ETFs saw a notable turnaround with $101 million in net inflows on Wednesday, breaking a recent streak of outflows. Fidelity’s FBTC led with $51 million in investments, followed by BlackRock’s IBIT with $16 million and Bitwise’s BITB with $15 million. VanEck’s HODL and Ark Invest’s ARKB also received inflows of $12 million and $9 million, respectively.
In contrast, Grayscale’s GBTC and funds from WisdomTree and Invesco reported no new inflows. Since their launch, these ETFs have attracted a total of $15.52 billion.
The substantial net inflows into U.S. spot Bitcoin ETFs suggest renewed investor interest, potentially reinforcing Bitcoin’s price stability around $67,650 amid recent market uncertainties and economic data releases.
Fidelity’s FBTC leads with $51 million inflows.
Total ETF inflows on Wednesday: $101 million.
ETFs have attracted $15.52 billion since launch.
Bitcoin Price Forecast
Bitcoin is currently trading around $66,850, struggling to maintain its position above the pivotal point at $65,985, indicating a bullish Bitcoin price prediction.
Bitcoin (BTC/USD) is facing downward pressure, trading at $67,600. The pivot point is set at $68,500, a crucial level for determining future movements. Immediate resistance levels are observed at $70,000, $71,700, and $72,900. Conversely, immediate support levels are situated at $66,000, $64,600, and $63,200.
Key Points
Bitcoin is trading at $67,600, down 1.12%, with a pivot point at $68,500.
Immediate support levels at $66,000 and resistance at $70,000.
RSI at 44 and 50-day EMA at $68,800 indicate a bearish trend.
The Relative Strength Index (RSI) stands at 44, signaling neutral momentum. The 50-day Exponential Moving Average (EMA) is at $68,800, indicating a bearish trend as the current price remains below this average.
In summary, Bitcoin remains bearish below the $68,500 pivot point. A breakthrough above this level could signal a bullish reversal, while staying below it could reinforce the current bearish bias.