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Bitcoin News

BTC News Today: Fed Rate Outlook, Trump Support Ignored

Ali Raza
Last updated: November 5, 2024 3:10 pm
Ali Raza Published November 5, 2024

Key Points:

  • Bitcoin declined by 1.22% on Sunday (May 26), ending the session at $68,443.
  • Fading investor bets on a September Fed interest rate cut overshadowed Trump and his support for cryptos.
  • On Monday (May 27), US BTC-spot ETF market chatter and ETH-spot ETF-related updates need investor consideration.

BTC Retreats as Fed Rate Cut Bets Falter

Contents
Key Points:BTC Retreats as Fed Rate Cut Bets FalterTechnical AnalysisBitcoin AnalysisEthereum Analysis

A price increase for Ethereum that has reached the top of the 450-day and 200-exponential moving averages confirms a bullish price pattern. BTC Fed Rate Outlook: A breakout of $3,835 for Ethereum will open the door for bulls to move up to the $4,000 handle. For instance, a break of $4,000 would lead us to a new high of $4,091, which was seen in March. Please take into account the US ETH-spot ETF market discussion.

Another case is if Ethereum drops below $3,650, enabling the bears to hit the $3,480 support level. According to the 14-period Daily RSI of 70.57, Ethereum might be subject to the overbought zone. At the $3,835 price point, selling pressure will likely mount.

Technical Analysis

Bitcoin Analysis

For Bitcoin (BTC), it was the price contrast of the letter X of the past 50-day and 200-day periods. A bullish signal is when the price of a Bitcoin is above the 50-day and 200-day moving averages. If Bitcoin moves above the $69,000 level, it will be possible to move to the $70,000 handle. A firm price above $69,000 would support Bitcoin to reach $70,000 relatively soon. The fact that this current level was surpassed will make the bulls in the market reach $73,808, the market’s recorded price for the bulls. Two indicators, US crypto-spot ETFs and the SEC plays, must be considered.

On the other hand, if Bitcoin drops below the 50-day exponential moving average, the $64,000 level will be the support. Suppose the 14-day Relative Strength Index is read at 57.83, this value, Bitcoin (BTC) can record the historic high of $73,808 as long as it does not exceed the overbought level first.

Ethereum Analysis

A price increase for Ethereum that has reached the top of the 450-day and 200-exponential moving averages confirms a bullish price pattern. A breakout of $3,835 for Ethereum will BTC Fed Rate Outlook open the door for bulls to move up to the $4,000 handle. For instance, a break of $4,000 would lead us to a new high of $4,091, which was seen in March. Please take into account the US ETH-spot ETF market discussion.

Another case is if Ethereum drops below $3,650, enabling the bears to hit the $3,480 support level. According to the 14-period Daily RSI of 70.57, Ethereum might be subject to the overbought zone. At the $3,835 price point, selling pressure will likely mount.

FAQs

What caused Bitcoin to decline on May 26?

Bitcoin fell by 1.22% on May 26, closing at $68,443, as investor optimism over a potential Fed interest rate cut faded, overshadowing support from Trump for cryptocurrencies.

What is the outlook for Ethereum's price movement?

Ethereum's price is in a bullish pattern, with a breakout above $3,835 potentially leading it to $4,000, though a drop below $3,650 could lead to further declines.

What price levels should Bitcoin traders watch?

Bitcoin could rise to $70,000 if it surpasses $69,000, but if it falls below the 50-day moving average, support is $64,000.

What factors could influence the US crypto market next week?

Market discussions surrounding US BTC-spot and ETH-spot ETFs, along with SEC developments, are key factors investors need to monitor for potential price shifts.

What is the current technical analysis for Bitcoin?

Bitcoin's price above both the 50-day and 200-day moving averages is a bullish sign. If upward momentum continues, $70,000 is the next potential target.

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TAGGED:Bitcoin AnalysisBTC Fed Rate OutlookTechnical Analysis
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By Ali Raza
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Ali Raza is an experienced freelance content writer. His focus is primarily on aster-crypto and btccoinzone. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Ali Raza is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Ali Raza enjoys traveling, reading, and playing cricket when not writing. He now works as a news and article writer for Astercrypto.
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