### Bitcoin Price Prediction: BTC Surges to $61.5K Amid Rate Cut Speculations and Trump Debate Victory
By Arslan Butt
Last updated: June 28, 2024, 07:20 EDT
4 min read
#### Bitcoin Price Prediction
Bitcoin (BTC) recently halted its losing streak and saw a mild bullish movement around $61,500, hitting an intraday high of $62,150. This suggests a potential bullish trend in Bitcoin price predictions.
The recent uptick is attributed to softer US macroeconomic data, fueling speculation about an upcoming Federal Reserve rate-cutting cycle this year, leading to a short-covering rally in BTC prices.
Additionally, Bitcoin gained further momentum as Donald Trump extended his lead over Joe Biden in the betting markets following the June 27 presidential debate, bolstering investor confidence.
However, the gains in BTC might be short-lived as Bitcoin ETF outflows reached $1.3 billion, indicating a drop in investor interest and potential downward pressure on prices.
### US Economic Indicators and Fed Signals Impacting Bitcoin
Recent US economic data has fueled expectations for the Federal Reserve to initiate interest rate cuts this year, sparking a rally in Bitcoin prices as investors covered short positions.
Conversely, the US Dollar found support from comments by Fed Governor Michelle Bowman, who indicated that the Fed is not currently considering a rate cut due to persistent inflation risks.
These contrasting signals from the Fed and the economic data are influencing market sentiment, with Bitcoin experiencing upward pressure amid rate-cut speculations, while the Dollar remains stable amid inflation concerns.
#### Key Economic Data Highlights
– **GDP Growth**: First-quarter real GDP growth was revised to a 1.4% annualized pace, the slowest since spring 2022, marking a significant slowdown from the previous quarter’s 3.4% rise.
– **Durable Goods Orders**: May saw a slight increase of 0.1%, against expectations of a 0.1% decline, following a revised 0.6% growth in April.
– **Jobless Claims**: Initial jobless claims dropped to 233,000 in late June, though the four-week average rose to 236,000, the highest since last September.
– **Pending Home Sales**: Fell by 2.1% in May, hitting the lowest level since 2001, signaling challenges in the housing market.
These mixed economic indicators highlight ongoing uncertainties impacting market sentiment. Softer economic data from the US has heightened expectations of Fed rate cuts, boosting Bitcoin prices as investors anticipate favorable monetary policy changes for cryptocurrencies.
### Bitcoin Price Rise Amid Trump-Favored Presidential Debate
During CNN’s first presidential debate on June 27, Bitcoin’s price rose by 1.1% as betting markets favored Donald Trump over President Joe Biden. Bitcoin traded at $61,439 before the debate, peaked at $62,152 during the event, and settled at $61,362 afterward.
According to PredictIt, Trump’s chances of winning surged, while Biden’s odds dropped significantly. Observers noted Biden’s difficulty in answering questions coherently, which influenced market sentiment.
#### Key Points
– **Pre-Debate Price**: $61,439
– **Peak During Debate**: $62,152
– **Post-Debate Price**: $61,362
Data from the prediction market platform PredictIt indicated that Trump’s odds of winning the presidency rose, while Biden’s chances declined significantly. Observers noted that Biden struggled with his responses and occasionally failed to complete his sentences during the debate.
Trump’s odds on PredictIt increased from $0.53 to $0.63, while Biden’s fell sharply from $0.48 to $0.37 in the same period.
### Bitcoin Price Prediction Analysis
Bitcoin (BTC/USD) is trading at $61,530, down 0.20%. On the 4-hour chart, the pivot point is set at $61,200. Immediate resistance is located at $62,510, followed by $63,440 and $64,510.
On the downside, immediate support is at $60,160, with further support levels at $59,190 and $58,430.
The Relative Strength Index (RSI) is currently at 50, indicating neutral momentum. The 50-day Exponential Moving Average (EMA) stands at $61,780, acting as a critical resistance level.
#### Key Points
– Bitcoin trades at $61,530, down 0.20%, with RSI at 50.
– Immediate resistance at $62,510 and support at $60,160.
– The ascending triangle pattern suggests bullish momentum above $61,200.
Bitcoin Price Prediction – Source: Tradingview
Bitcoin is forming an ascending triangle pattern, with significant resistance near the $62,500 level and support at the pivot point of $61,200, bolstered by an upward trendline.
The outlook remains bullish above $61,200. However, a break below this level could trigger a sharp selling trend.
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**Disclaimer**: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
