BNB -0.47%
BTC 1.23%
DOGE 2.30%
ETH -2.45%
PEPE -2.48%
XRP 0.80%
SHIB -0.26%
SOL -3.95%
presale is live

Bitcoin Price Prediction as BTC Falls to $62,247 Despite Positive Market Expectations – Time to Buy?

Arslan Butt
Last updated: | 3 min read
Bitcoin Price Prediction
Bitcoin Price Prediction

Amidst positive market expectations, Bitcoin (BTC) faces a downtrend, dropping to $62,247 with an intra-day low of $62,007. Global tensions and US Department of Justice actions against crypto founders fuel this decline.

Additionally, apprehensions regarding China’s economic stability add to investor concerns. The slump is exacerbated by slowed ETF inflows, as investors withdraw $218 million from Bitcoin ETFs amidst sluggish US economic growth.

Diminished prospects of a Federal Reserve interest rate cut contribute to negative sentiment, shaping Bitcoin’s current trajectory.

Australian Bitcoin ETF Impact: Potential Boost for BTC Price & Institutional Interest

The imminent introduction of spot Bitcoin ETFs in Australia, following the success of similar products in the United States, promises to reshape the landscape of cryptocurrency investment in the region.

As ASX Ltd, the Australian public company that operates Australia’s primary securities exchange, gears up to approve the country’s first spot Bitcoin ETFs by the end of 2024, market players like Van Eck Associates Corp. and BetaShares Holdings Pty are actively positioning themselves to seize this opportunity.

The potential impact of Australian spot Bitcoin ETFs on BTC price and market dynamics is significant, with implications for both institutional interest and the influx of investments from Australia’s substantial pension market.

Key Points:

  • Van Eck Associates Corp. and BetaShares Holdings Pty are set to introduce spot Bitcoin ETFs in Australia.
  • ASX Ltd. expected to approve the country’s first spot Bitcoin ETFs by 2024.
  • US Bitcoin ETFs attracted $53 billion in investments this year, driving interest in Australia’s $2.3 trillion pension market.
  • Introduction of Australian Bitcoin ETFs signals growing institutional interest and potential for increased investment in BTC.

Bitcoin ETF Outflows: Impact on BTC Price Amid Economic Growth Concerns

Recent data reveals a noteworthy decline in cash inflows into Bitcoin exchange-traded funds (ETFs), with investors withdrawing approximately $218 million from these investment vehicles.

This shift in investment patterns stems from a federal economic report highlighting slower-than-anticipated growth in the US economy, diminishing expectations of Federal Reserve interest rate cuts.

Consequently, higher interest rates dissuade investors from allocating funds to volatile assets like Bitcoin, favoring more stable alternatives.

Key Points:

  • Investors withdrew nearly $218 million from Bitcoin ETFs due to concerns over sluggish US economic growth.
  • Slower growth reduces prospects of Federal Reserve interest rate cuts, impacting investor sentiment.
  • Approval of 11 Bitcoin ETFs in January initially drove significant investment inflows.

Bitcoin Price Prediction

Today, Bitcoin (BTC/USD) is priced at $62,247, with a chart timeframe indicating ongoing volatility. Key price levels suggest a pivot point at $62,899, signaling a crucial juncture for market direction. Immediate resistance stands at $64,884, followed by $67,084 and $68,734. Conversely, immediate support lies at $61,062, with subsequent levels at $59,660 and $58,175.

Technical indicators reveal mixed signals, with the Relative Strength Index (RSI) at 33, indicating a neutral stance. The 50-day Exponential Moving Average (EMA) stands at $63,655, providing additional insight into price trends.

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

Conclusion: Bitcoin remains bearish below the pivot point of $62,899. A breakout above this level could signal a shift towards a more bullish bias, while a failure to breach could reinforce bearish sentiments in the market.

Unlock Cryptocurrency Rewards: Join the 99Bitcoins Presale Now!

99Bitcoins, a pioneer in digital education, is revolutionizing cryptocurrency learning with its innovative ‘learn-to-earn’ system. Participants engage with educational modules and earn $99BTC tokens, simultaneously boosting their knowledge and financial portfolio.

The ongoing presale of $99BTC tokens is generating substantial interest, offering these tokens at an attractive rate for early adopters.

99Bitcoins Presale: Your Gateway to Early Benefits

The 99Bitcoins presale event offers an exceptional opportunity for early investors to acquire $99BTC tokens at a notably low price of $0.00102 each, with the potential for substantial returns as the ecosystem develops and expands.

These tokens not only serve as a mechanism for rewards but also provide holders with access to exclusive content and additional community benefits.

Don’t Miss Your Chance

As it stands, a total of around $890K has been raised towards the target of $1,468,656.

Time is of the essence, as only a few days remain before the next price increase. This is a crucial moment to buy $99BTC and benefit from the advantages of staking your tokens immediately.

Secure Your 99Bitcoins Today

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.