Bitcoin Price Prediction: BTC Soars Past $65,500 Amid Election Speculation
Bitcoin Price Prediction
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, has extended its winning streak, climbing above $65,500 and reaching an intra-day high of around $66,000, suggesting bullish Bitcoin price prediction.
At the time of writing, the global crypto market cap stands at $2.37 trillion, marking a 24-hour gain of 3.44%. Bitcoin’s surge past $65,500 is attributed to the increased likelihood of Donald Trump winning the upcoming November election, boosting BTC’s price.
Additionally, the market remains optimistic about the upcoming trading of spot Ether ETFs next Tuesday, further reducing selling pressure as Mt. Gox has sold all its BTC. Furthermore, net positive BTC ETF inflows indicate sustained demand for the cryptocurrency.
Northern Data AG Plans €214 Million Capital Raise for Bitcoin Mining and AI Expansion
European Bitcoin mining company Northern Data AG has announced plans to raise approximately €214 million through the issuance of 10,699,446 new shares.
This move represents a 20% increase in its current share capital, with shares priced at €20 each, a 1.7% premium over recent trading averages.
The funds will be used to expand Northern Data’s cloud platform and physical data centers across Europe and the U.S.
The company aims to enhance its infrastructure for high-performance computing (HPC) and generative artificial intelligence (AI), reinforcing its leadership in HPC and driving innovation in AI.
Capital increase: €214 million
New shares: 10,699,446 at €20 each
Expansion: Cloud platform and data centers in Europe and U.S.
This capital raise may signal confidence in Bitcoin mining infrastructure and positively influence market sentiment within the BTC sector.
US Dollar Strength and Federal Reserve Rate Cuts: Impact on Bitcoin Prices
The US dollar has shown resilience despite expectations of imminent interest rate cuts by the Federal Reserve starting in September. Federal Reserve Chair Jerome Powell noted that recent inflation data indicates prices are stabilizing close to the Fed’s targets.
In June, US consumer prices recorded their first decline in over four years, with annual inflation easing to 3% from 3.3% in May. Powell suggested that the Fed might not wait for inflation to reach the 2% target before implementing rate cuts, implying potential reductions soon to lower borrowing costs.
US dollar strength and Fed rate cuts influence Bitcoin prices.
Lower rates weaken the dollar, making Bitcoin more attractive.
Annual inflation eased to 3% from 3.3% in May.
Therefore, the US dollar’s strength and potential rate cuts by the Federal Reserve could impact Bitcoin prices. A stronger dollar typically exerts downward pressure on commodity prices, including Bitcoin.
However, the prospect of rate cuts could support Bitcoin prices as lower interest rates tend to weaken the dollar, making alternative investments like Bitcoin more attractive.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $65,870, up 1.13% on the day. The 4-hour chart indicates key price levels that traders should monitor closely.
The pivot point is $65,010, serving as a critical support level. Immediate resistance stands at $66,770, with subsequent resistance levels at $68,260 and $69,740.
On the downside, immediate support is found at $63,440, followed by $62,070 and $60,740.
Bitcoin Price Prediction – Source: Tradingview
The 50-day Exponential Moving Average (EMA) is $62,350, providing additional support for the current price trend.
In conclusion, Bitcoin remains bullish above the $65,010 pivot point. However, a break below this level could trigger a sharp selling trend.
Traders should watch for movements above $66,770 to confirm further bullish momentum while monitoring support levels to manage potential downturns.
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