Bitcoin Price Prediction: Nears $65,000 Amid Economic Data and Manufacturing Slowdown
Today’s economic focus centers on the release of the Empire State Manufacturing Index, which registered at -6.6, underperforming against expectations of -6.0 and last month’s -5.5. This indicates a contraction in manufacturing activity in New York State, reflecting broader economic pressures and impacting Bitcoin price.
Attention will also be on the upcoming retail sales data, with Core Retail Sales anticipated to show a minor increase of 0.1%, a reversal from the previous decline of 0.1%. Meanwhile, overall Retail Sales are expected to decrease by 0.3%, contrasting with the previous month’s growth of 0.1%.
These economic indicators could impact Bitcoin price prediction indirectly. Weaker manufacturing and inconsistent retail sales might fuel economic uncertainty, potentially driving investors towards alternative assets like Bitcoin as a hedge.
Conversely, signs of economic stability or recovery might strengthen traditional investment avenues, possibly dampening the momentum in cryptocurrency markets.
In today’s analysis of Bitcoin (BTC/USD), the cryptocurrency exhibits a bullish trend, currently trading at approximately $64,770. This represents a 3.5% increase over the past 24 hours, underscoring a vibrant market activity with a trading volume near $36.1 billion.
Bitcoin holds its position as the leading cryptocurrency, boasting a market capitalization of about $1.28 trillion. The available supply nears 19.73 million BTC out of a maximum of 21 million.
Focusing on the technical aspects, the Bitcoin chart indicates a strong upward movement, affirming potential for further gains.
The pivotal price levels to watch are the immediate resistance around $65,500, followed by subsequent resistances at approximately $67,250 and $69,000.
Read more on cryptonews.com
