Bitcoin Price Prediction as BTC Tumbles to $65,000 Level – Time to Buy the Dip?

In recent trading, Bitcoin (BTC/USD) dipped to $65,394, down by 0.75%, prompting speculation about its next move., As market watchers analyze the Bitcoin price prediction, the $66,631 pivot point looms large, potentially guiding BTC’s short-term trajectory., With resistance and support levels tightly bracketing the current price, the market is at a crossroads, weighing the impact of broader economic signals and sector-specific developments. ,

Bitcoin miners are powering back up, turning previously unprofitable rigs into active contributors to the network’s security and processing power. The hash rate, a measure of computational power, has surged by 14.7% since the start of the year, reflecting the revival of older mining machines alongside the deployment of advanced equipment.,This resurgence has been driven by improved market conditions, with miner revenues hitting a new high on March 10, despite lower transaction fees. However, the stable prices of ASIC mining devices suggest a cautious approach among miners ahead of Bitcoin’s halving event on April 20, which will reduce mining rewards.,This cautious optimism among Bitcoin miners highlights their strategic adjustments in anticipation of market shifts and the upcoming halving event’s impact on profitability.,

Coinbase is joining forces with Lightspark to incorporate Bitcoin Lightning payments, aiming to offer its 108 million users faster and cheaper transactions. This integration is expected to alleviate congestion on the Bitcoin base layer, which has seen rising fees.,Lightspark’s AI-driven liquidity optimization engine is key to improving transaction reliability and efficiency, focusing on simplified Lightning node management. Although Coinbase had previously announced plans for Lightning integration, this partnership marks a significant step forward.,The move follows Binance’s adoption of Lightning in July, indicating growing acceptance of this technology. While some view Bitcoin primarily as a value store, this development could enhance its functionality as a currency.,

Market sentiment has turned cautious with diminished expectations of an imminent rate cut by the Federal Reserve, casting a shadow on the financial landscape. The
upcoming Federal Reserve meeting on May 1 is pivotal, yet current market odds, standing at a 97.7% chance, lean heavily against a rate reduction.,Cleveland Federal Reserve President Loretta Mester’s skepticism about a May rate cut, citing the need for clear signs of slowing inflation, reinforces this outlook.,With the federal funds rate at a peak not seen in over two decades, the cost of mortgages and borrowing has escalated, reshaping credit accessibility and economic dynamics.,Although there’s a consensus on a potential rate adjustment in 2024, the precise timing remains a topic of debate among market participants.,These developments could sway investor sentiment and market trends, notably influencing Bitcoin’s attractiveness as an alternative asset, especially if interest rates remain high or are reduced, potentially enhancing Bitcoin’s appeal amidst financial market fluctuations.,,The RSI indicator at 36 and a 50-day EMA of $67,298 hint at a bearish sentiment below the $66,631 threshold.,Notably, a double top pattern at approximately $66,630 and support near $65,000 from an upward trendline suggest a tussle between bearish and bullish forces, with the market’s direction hinging on these crucial levels.,,Get 5thScape Here,Bitcoin Miners Power Up Old Rigs as Profits Surge