Bitcoin is currently trading just above $65,000, experiencing a 1.25% correction after a recent surge driven by weaker US CPI data, dovish FOMC sentiment, and a break from a symmetrical triangle pattern. Despite this slight bearish correction, the Bitcoin price prediction remains bullish, particularly with Andrew Tate’s announcement to invest $100 million in Bitcoin and the decreasing BTC supply on exchanges. The supply on centralized exchanges has dropped to new lows, with a significant decrease in Bitcoin supply on exchanges indicating increasing bullish pressure as traders move their assets off exchanges. Recent disclosures of exposure to spot Bitcoin ETFs by traditional finance firms have also fueled market activity.
Andrew Tate, a British-American social media personality and former professional kickboxer, has announced plans to invest $100 million in bitcoin, expressing dissatisfaction with traditional banks and their practices. Tate shared his plans on social media platform X, stating his intention to move away from fiat currency and invest heavily in Bitcoin. Despite some skepticisms expressed by X users, Tate is committed to his crypto investment, criticizing banks and their practices. Tate, known for his controversial online presence, has been involved in cryptocurrency-related news before, promoting Bitcoin for tax avoidance and hinting at launching his own cryptocurrency.
Looking at the technical side of the market, Bitcoin price prediction is showing signs of retracement, with major support at the $64,750 level, acting as today’s pivot point. As long as Bitcoin holds above this level, the chances of a bullish bounce are high. Immediate resistance is likely to be around the $66,600 level, with further resistance at $67,820 and $69,000. Conversely, breaking below the $64,750 level could send BTC down to the $63,300 level. The Relative Strength Index (RSI) is still in bullish territory, and key support levels include the 50-day Exponential Moving Average (EMA) around the $63,150 level. Buyers should keep an eye on crucial levels like $64,750 and $63,300 for trend direction.
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