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Bitcoin Price Prediction as BTC Bounces Above $66,000 – New Bull Run Starting?

Bitcoin Price Prediction

Bitcoin (BTC/USD) demonstrates robust performance, with a notable price surge to $66,270, an uplift of approximately 2.50%. This positive momentum places Bitcoin’s trading dynamics in the spotlight, crucial for those monitoring Bitcoin price predictions.

As it surpasses the pivotal $64,853 mark, the digital currency may be poised for further gains, with key resistance levels emerging that could test the resilience of this uptrend. This scenario presents an interesting phase in Bitcoin’s market trajectory, making it a critical moment for investors and analysts alike.

Currency Stability Amid Global Policy Shifts and Geopolitical Developments

In the early hours of Asian trading, the euro and yen have held steady, while the US dollar remains near recent highs, influenced by recent Federal Reserve statements and higher-than-expected inflation data. Attention is now turning to the Bank of Japan’s policy review as the yen hovers near a 34-year low against the dollar.

Meanwhile, the easing of Middle East tensions has reduced market volatility.

Currencies calm but cautious after a weary week https://t.co/V5gnq22mi0 pic.twitter.com/7Q6ZuMrWKC

— CNA (@ChannelNewsAsia) April 22, 2024

During the International Monetary Fund meetings, discussions reinforced the dollar’s dominance, affecting global currency dynamics. Notably, Bitcoin’s recent “halving” event could alter its supply and potentially impact its price trend.

Focus on Bank of Japan’s potential interest rate decisions to counter inflation.
ECB and Bank of England expected rate cuts influencing currency markets.
Bitcoin’s “halving” event may affect cryptocurrency dynamics.

Bitcoin Miners Thrive as Runes Debut Skyrockets Transaction Fees

Bitcoin miners are experiencing a significant windfall due to the introduction of the Runes protocol, which has pushed transaction fees to unprecedented levels, offsetting the decreased block rewards post-halving.

On April 20, transaction fees soared to $127.97, contributing to a record mining revenue of $107.8 million. The Runes protocol, enabling token creation directly on Bitcoin’s blockchain, has led to the production and exchange listing of hundreds of tokens.

The launch of Casey Rodarmor’s Runes, right at the Bitcoin halving, spurred a flurry of transactions that sent fee rates and miner revenue to records, dramatically altering the conversation over network security @liqquidity reports $MARA $RIOT $CORZ $HUT https://t.co/LLgqjLGu4O

— CoinDesk (@CoinDesk) April 21, 2024

Despite these gains, the high fees and resulting network congestion raise concerns. Critics emphasize the necessity of scalable solutions like the Lightning Network. Grayscale points out the changing revenue dynamics for miners, highlighting Bitcoin’s adaptability and enduring value amidst market fluctuations.

Record-high transaction fees bolster Bitcoin mining revenue.
Runes protocol sparks token creation frenzy, impacts network congestion.
Critics stress importance of scaling solutions amid fee surge.

Bitcoin Futures Launch Sees High Demand on Brazil’s B3 Exchange

On its debut, Bitcoin futures trading on Brazil’s B3 exchange captured significant interest, with 7,400 contracts exchanged and orders peaking at 111,000. Marcos Skistymas, B3’s Listed Products Director, highlighted the importance of offering these futures to local investors as a hedge against Bitcoin’s price volatility.

This initiative follows the approval from Brazil’s Securities and Exchange Commission (CVM) and complements B3’s existing suite of 14 cryptocurrency ETFs.

Bitcoin Futures Demand Blows up in Brazil: 7,400 Contracts Traded on Launch Day https://t.co/MVi2nYSK9z via @BTCTN

— John Williams M.Ed. (@islandmotivates) April 22, 2024

Each futures contract, denominated in Brazilian reais, represents 0.1 BTC and settles financially using the Nasdaq Bitcoin Reference Price Index. This addition not only diversifies B3’s offerings but also invites more investors into the cryptocurrency market, potentially boosting Bitcoin’s broader adoption.

Bitcoin futures debut on Brazil’s B3 exchange with robust trading activity.
Futures serve as a hedge for investors against Bitcoin’s volatility.
Initiative could boost Bitcoin’s adoption and market diversification.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is experiencing significant upward momentum today, priced at $66,270, marking a nearly 2.50% increase. The cryptocurrency has breached the critical pivot point of $64,853, suggesting potential for continued bullish trends.

Immediate resistance levels are observed at $66,910, followed by $69,232 and $71,425, which could pose challenges to further gains. Support levels stand firm at $63,045, with additional safeguards at $61,387 and $59,686, potentially buffering any downward movements.

Bitcoin Price Prediction

Technical indicators reinforce this positive outlook; the Relative Strength Index (RSI) at 62 suggests bullish momentum, while the 50-day Exponential Moving Average (EMA) at $64,788 provides underlying support.

Current market behavior indicates a strong buying trend if Bitcoin maintains levels above $64,850, though falling below this threshold could trigger a sharp sell-off.

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The post Bitcoin Price Prediction as BTC Bounces Above $66,000 – New Bull Run Starting? appeared first on Cryptonews.

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