Bitcoin (BTC) started the week strongly, surpassing $63,335 and reaching a peak of $63,697. This bullish trend, which also benefited the broader crypto market, can be attributed to several factors.
Weakening Dollar Boosts Bitcoin amid Fed Rate Cut Expectations
The decline of the US dollar, influenced by moderated inflation and expectations of Federal Reserve interest rate cuts, significantly boosted Bitcoin.
Key Factors:
- Lower Inflation: The May Personal Consumption Expenditures (PCE) Price Index slowed to 2.6%, its lowest annual rate since March 2021.
- Fed Rate Cut Expectations: Markets anticipate interest rate cuts in September and December.
- Weak Dollar: The dollar has sharply dropped from its recent peak, increasing Bitcoin’s attractiveness to investors.
These factors have created a favorable environment for Bitcoin as investors seek alternative assets amidst potential lower interest rates. Bitcoin, particularly attractive due to the weakening dollar, is not tied to any single national currency.
However, the situation remains fluid, and changes in economic indicators or Fed policies could significantly impact Bitcoin’s future direction. Investors are advised to monitor developments closely in this volatile market.
US Labor Market Focus: Mixed Signals Impact Bitcoin
This week, attention will be on US NFP figures. The upcoming US jobs report on July 5th could influence Bitcoin’s price. While average hourly earnings are expected to rise by 0.3%, slightly lower than the anticipated 0.4%, the projected non-farm employment change of 189,000 jobs falls short of the 272,000 forecast.
These figures indicate a mixed outlook for the labor market, potentially influencing Federal Reserve interest rate decisions and thereby affecting Bitcoin’s attractiveness as an investment.
Bitcoin Price Forecast
As of July 2, 2024, Bitcoin is trading at $63,315, marking a daily increase of over 1%. However, the cryptocurrency faces resistance around $63,555, as indicated by the Doji candlestick pattern on the 4-hour chart.
Coupled with an overbought Relative Strength Index (RSI) of 75, this suggests a potential bearish reversal. Despite immediate bearish signals, the 50-day Exponential Moving Average (EMA) continues upward at $61,680, indicating underlying bullish momentum.
Bitcoin Price Forecast – Source: Tradingview
If Bitcoin (BTC) breaks below the $63,555 pivot point, the bearish sentiment may strengthen, leading to potential declines towards support levels at $62,650, $61,830, and $60,650.
Conversely, a breakthrough above $63,555 could intensify buying pressure and propel the price towards resistance levels at $64,470, $65,360, and $66,170.
Traders are advised to monitor price actions closely at these critical levels for potential trading opportunities.
Mega Dice Presale: Funding Success and Price Increase Imminent
The Mega Dice presale nears its end with over $1.57 million raised and the sale of 19 million $DICE tokens out of the allocated 28 million for this stage.
This strong momentum highlights increasing interest in crypto-integrated iGaming within the expanding Web3 ecosystem, where Mega Dice is establishing a prominent presence.
Mega Dice: Innovating Beyond Gaming
Mega Dice stands out in the GambleFi sector by leveraging its $DICE token to enhance online gaming experiences. Players can use $DICE for gameplay, exclusive competitions, and participate in a loyalty program offering generous rewards and VIP privileges.
Additionally, Mega Dice’s strategic buyback and burn mechanism aims to maintain token scarcity, potentially increasing its market value over time. With the presale nearing completion and a price hike anticipated, potential investors are urged to act promptly.
Stay updated on Mega Dice’s latest developments via platforms like Twitter and Telegram, and consider participating in the presale before the $DICE token price reaches $0.0825.
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