Bitcoin Price Prediction: Hits $64,000 on U.S. Economic Slowdown, Rate Cut Hopes

Bitcoin failed to continue its upward trend despite multiple supporting factors, such as a bearish US dollar and a dovish stance from the Federal Reserve.,BTC lost some of its gains, dropping to around $63,400 and hitting an intraday low of $62,961.,Although
Bitcoin began the week on a bullish note after dipping to a low of $56,000 last week, it surged to $64,000 on Monday, spurred by a cooler-than-expected US April jobs report. The report suggested a slowing economy, which could lead to reduced inflation and lower interest rates.,However, the increase in price was short-lived as BTC edged lower on Tuesday, possibly due to cautious sentiment ahead of a speech by Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis. If his comments take a hawkish tone, signaling a stricter approach to interest rates, it could strengthen the US dollar and negatively impact BTC.,

Marathon Digital Holdings, a prominent player in the Bitcoin mining sector, recently witnessed an 18% surge in its stock price to $20.67, elevating its
market capitalization to nearly $800 million. This significant increase followed the announcement that Marathon would be included in the S&P SmallCap 600 Index, underscoring its rising prominence within the cryptocurrency mining industry.,Key Points:,Despite Marathon’s stock success, Bitcoin itself has shown bearish trends, trading around $63,200, which reflects a complex sentiment in the broader market. This contrast suggests that while individual companies may thrive, the overall cryptocurrency market remains cautiously optimistic or mixed.,

The
U.S. Securities and Exchange Commission (SEC) has postponed its decision on approving Ethereum exchange-traded funds (ETFs) once again, extending the review period for Galaxy Invesco’s application by an additional 60 days to July 5. This delay continues a trend seen in earlier postponements affecting major financial players such as BlackRock and Fidelity, casting doubts on a near-term approval due to ongoing regulatory uncertainties. Analysts are increasingly sceptical about the likelihood of Ethereum ETF approval in the current climate.,While Ethereum faces regulatory hurdles, investment in Bitcoin ETFs is on the rise, with firms like Hightower directing substantial capital towards them, underscoring a stronger market confidence in Bitcoin. This trend suggests that the market may be favouring Bitcoin over Ethereum amid these regulatory uncertainties, potentially influencing Bitcoin’s price positively in the near term.,

The recent U.S. job market report has heightened expectations that the Federal Reserve may cut interest rates later this year, leading to a softer U.S. dollar and increased attractiveness of Bitcoin. Richmond Fed President Thomas Barkin supports maintaining current rates to manage inflation, while New York Fed President John Williams suggests potential rate reductions as early as September or November.,Markets now forecast a total reduction of 46 basis points by 2024, signalling a shift towards a more accommodative monetary policy. This anticipated easing has consequently bolstered Bitcoin’s appeal as a hedge against currency devaluation, driving up demand and potentially its price.,This growing interest in Bitcoin, spurred by the prospect of lower interest rates, underscores its role as an alternative investment during times of monetary easing, possibly leading to a sustained increase in Bitcoin’s market value.,Marathon Digital Soars 18%: A Beacon in Bitcoin Mining Amid Market Uncertainty