Bitcoin Faces Downtrend Amidst Hawkish Fed, El Salvador's Transparency Initiative

১৩ মে, ২০২৪ BACK TO NEWS

Bitcoin (BTC) has started the week on a downward trajectory, struggling to regain momentum after a recent surge fueled by the U.S. approval of exchange-traded funds (ETFs). Currently trading around $61,000 with an intraday low of $60,675, Bitcoin's decline can be attributed to hawkish comments from the Federal Reserve and speculation surrounding its easing plans.

The hawkish stance of the Federal Reserve, coupled with weaker consumer sentiment, has bolstered the U.S. dollar while exerting downward pressure on Bitcoin. Diverse opinions among Fed officials regarding monetary policy adjustments have contributed to market volatility, with conflicting signals adding to economic uncertainty.

In tandem with these developments, El Salvador has garnered attention by enhancing transparency around its Bitcoin investments. By publicizing transaction data through a customized mempool, the country aims to strengthen global investor trust in Bitcoin. However, despite President Nayib Bukele's regular Bitcoin acquisitions, the low uptake of Bitcoin for transactions within El Salvador underscores challenges in achieving widespread adoption among its populace.

Technical analysis of Bitcoin suggests a slight downtrend, with resistance levels significant at $63,824, $65,506, and $67,222. Support remains firm at $60,185, with the Relative Strength Index (RSI) indicating a neutral to bearish sentiment.

Meanwhile, amidst Bitcoin's price fluctuations, the 99Bitcoins presale presents a unique opportunity for cryptocurrency education. With the token price set at $0.00104 each, early investors can gain access to premium content and community benefits, enhancing their understanding of digital currencies while simultaneously investing in their future.

As Bitcoin navigates through a challenging economic landscape marked by Fed uncertainty and adoption hurdles, investors remain vigilant, assessing both short-term price movements and long-term growth potential.