Bitcoin (BTC) Price Prediction: BTC Flirts With $63k Mark as Investors Shrug Off SEC Concerns
- Barbara StreisandOriginal
- 2024-10-12 10:26:131032browse
Bitcoin Price flirted with the $63k mark late on Friday as investors moved on from earlier regulatory concersns raised by the Security and Exchange Commission (SEC)
Bitcoin (BTC) price was up on Friday evening as investors appeared to shrug off earlier concerns about the US Securities and Exchange Commission (SEC) investigation into crypto market maker Cumberland DRW.
Instead, traders seemed to be focusing on the increasing possibility of another interest rate cut in November following the release of soft US economic data.
As of writing, BTC price stood at $62,860, up 4.2% on the daily chart and marking its largest daily gain since late August.
Headline US consumer inflation rose by 0.1% in September, beating consensus forecasts by a similar margin. However, this was not enough to deter an inclination toward dovish Fed sentiment after Initial Jobless Claims rose higher than expected for the second consecutive week.
The prospect of another rate cut bodes well for Bitcoin price, as it triggers positive momentum in financial markets. Additionally, low interest rates put downward pressure on the US dollar, which in turn provides buoyancy to the BTCUSD pair.
Bitcoin price was previously rejected at the psychological round figure level of $65,000, and the crypto asset is now at a level where it recently gathered momentum that ultimately fell short of the strength needed to break above the barrier.
Bitcoin price today
Bitcoin price is showing bullish momentum, with the pivot point at 62,170. If price action stays above the pivot, then buyers are likely to keep BTCUSD in an uptrend. In this scenario, the first resistance could be encountered at 63,170. However, sustained buying pressure could drive the price up to test 63,770.
Alternatively, seller control will be indicated by a move below 62,710. This could lead to the establishment of the first support at 62,170. However, if the downward momentum intensifies, the price could break below this mark and invalidate the bullish narrative. In this case, the next support could be found at 61,640.
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