### Bitcoin Price Prediction: BTC $63,000 Surge; Is $65,000 on the Horizon?
**Arslan Butt**
_Last updated: July 2, 2024, 01:04 EDT_
_3 min read_
#### Bitcoin Price Prediction
Recently, Bitcoin’s price surged past $63,000, marking a minor recovery from prior declines despite prevailing negative sentiment in the cryptocurrency market. This rebound was mainly supported by the weakening U.S. dollar, which fell about 0.2% on Monday.
However, caution persists in the market, particularly due to the upcoming major payout event from the now-defunct exchange Mt Gox. Beginning in early July, Mt Gox will start distributing Bitcoin stolen in a 2014 hack.
Traders worry that recipients might sell these tokens, potentially sparking a sell-off because of Bitcoin’s significant value increase over the years. This concern contributed to Bitcoin’s sharp losses in late June, further exacerbated by two consecutive weeks of outflows from crypto investment products.
#### Altcoin Resurgence and Federal Rate Speculations
In contrast to Bitcoin, altcoin prices experienced gains on Monday, recovering some of the severe losses incurred in June. Ethereum, the second-largest cryptocurrency, rose by over 2.5% to $3,475, fueled by speculation that the SEC might soon approve an Ether-based ETF.
Other altcoins, such as Solana (SOL), Ripple (XRP), and Cardano (ADA), also saw gains between 1.5% and 4.5%, though on low trading volumes. Even meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) increased by over 2% and 1%, respectively.
Despite these gains, the overall sentiment in the crypto market remains cautious ahead of upcoming U.S. economic data and insights into interest rate adjustments. This week is crucial, with Federal Reserve Chair Jerome Powell scheduled to speak, and the release of the Fed’s June meeting minutes and nonfarm payroll data, which could provide further direction on interest rates.
Traders are increasingly betting on a potential rate cut by the Fed in September, which has also provided some support to the cryptocurrency market.
#### Bitcoin Price Analysis
Bitcoin’s price has seen a modest increase, currently trading at $63,083, marking a 0.44% rise. On the 4-hour chart, the pivotal point is set at $62,755. Bitcoin faces immediate resistance at $63,881, with subsequent barriers at $64,735 and $65,589.
Critical support levels to monitor include immediate support at $61,829, with further support at $60,695 and $59,901, areas that could stabilize price dips.
**Bitcoin Price Prediction – Source: Tradingview**
Technical indicators offer a bullish signal, with the Relative Strength Index (RSI) at 60, suggesting healthy upward momentum. The 50-day Exponential Moving Average (EMA) stands at $62,140, reinforcing the trend above the pivot point.
However, if Bitcoin breaks below $62,755, it could trigger a significant selling trend, indicating a shift in market sentiment.
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