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Bitcoin Price Prediction: Nears $65,000 Amid Economic Data and Manufacturing Slowdown

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Last updated: July 15, 2024 23:16 EDT

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated:

July 15, 2024 23:16 EDT

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Today’s economic focus centers on the release of the Empire State Manufacturing Index, which registered at -6.6, underperforming against expectations of -6.0 and last month’s -5.5. This indicates a contraction in manufacturing activity in New York State, reflecting broader economic pressures and impacting Bitcoin price.

Attention will also be on the upcoming retail sales data, with Core Retail Sales anticipated to show a minor increase of 0.1%, a reversal from the previous decline of 0.1%. Meanwhile, overall Retail Sales are expected to decrease by 0.3%, contrasting with the previous month’s growth of 0.1%.

These economic indicators could impact Bitcoin price prediction indirectly. Weaker manufacturing and inconsistent retail sales might fuel economic uncertainty, potentially driving investors towards alternative assets like Bitcoin as a hedge.

Conversely, signs of economic stability or recovery might strengthen traditional investment avenues, possibly dampening the momentum in cryptocurrency markets.

Bitcoin Price Prediction

In today’s analysis of Bitcoin (BTC/USD), the cryptocurrency exhibits a bullish trend, currently trading at approximately $64,770. This represents a 3.5% increase over the past 24 hours, underscoring a vibrant market activity with a trading volume near $36.1 billion.

Bitcoin holds its position as the leading cryptocurrency, boasting a market capitalization of about $1.28 trillion. The available supply nears 19.73 million BTC out of a maximum of 21 million.

Focusing on the technical aspects, the Bitcoin chart indicates a strong upward movement, affirming potential for further gains.

The pivotal price levels to watch are the immediate resistance around $65,500, followed by subsequent resistances at approximately $67,250 and $69,000.

These figures align with the historical behavior of the cryptocurrency, marked by swift recoveries and rapid price adjustments.

Bitcoin Price Prediction - Source: Tradingview — Bitcoin Price Prediction – Source: Tradingview

The Relative Strength Index (RSI) suggests that Bitcoin is in a buying momentum phase, though approaching overbought territory. This indicator should be monitored closely for any signs of reversal that could indicate a temporary pullback.

Meanwhile, the 50-day Exponential Moving Average (EMA) aligns above the current price level, supporting the continuation of the upward trend.

Investors and traders considering entry points should contemplate positions above the $63,500 mark, targeting initial gains towards $65,500.

With sustained demand and market support, advancing towards $67,250 and potentially $69,000 remains a feasible trajectory. Both the 50 EMA and RSI currently favour a buying trend, reinforcing this strategy.

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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.