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<ul>
  
 <li>Bitcoin's price fell sharply this week, driven by a retreat from $70K resistance and escalating geopolitical tensions.</li>   
 <li>Economic worries and weak job reports raise fears of Fed rate cuts, shaping market sentiment and causing uncertainty among investors.</li>   
 <li>Bitcoin may find support around the 200-day EMA and $50K, with expected rate cuts potentially encouraging investment in riskier assets.</li> 
</ul>   
<p>The value of bitcoins reduced this week with corresponding fluctuations in the market. Selling push occurred when Bitcoin dropped from the $70,000 level of resistance. This rose through the middle of the week on accounts of tensions in the <a href="https://www.bbc.com/news/articles/c80xxeqel5po" target="_blank" rel="noreferrer noopener nofollow">Middle East</a> as well as worries about a recession. Similar problems were evident in the larger market.</p>   
<h3 class="wp-block-heading" id="h-market-reactions-to-economic-indicators"><strong>Market Reactions to Economic Indicators</strong></h3>   
<p>The recent poor employment report has raised concerns about potential rate cuts. The market's recent shift toward softness worries investors. The Wall Street Journal's Nick Timiraos speculates that these disclosures may compel the <a href="https://cryptonewsland.com/us-federal-reserve-could-vanish-as-congressman-massies-reports-10x-increase-in-crypto-bill-support/" target="_blank" rel="noreferrer noopener sponsored nofollow">Federal Reserve</a> to modify its monetary policies in an effort to stabilize the economy.</p>   
<p><a href="https://www.citigroup.com/global" target="_blank" rel="noreferrer noopener nofollow">Citigroup</a> and JPMorgan estimate on these projections and expect the Fed to cut interest rates by fifty basis points in September and fifty base points in November, and 25 basis points in December at least.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/NickTimiraos/status/1819396587497394580 
 </div>
</figure>   
<p>The CME Group's analysis indicates that there is a 78% chance of a 25 bps decline and a 22% risk of a 50 bps decline in September. Consequently, market sentiment leans towards impending rate cuts. Moreover, <a href="https://cryptonewsland.com/financial-behemoths-blackrock-and-jpmorgan-set-to-ignite-xrp-rally/" target="_blank" rel="noreferrer noopener sponsored nofollow">JPMorgan</a> estimates the Fed could reduce its benchmark rate to about 3%.</p>   
<p>This suggests that rate cuts might continue until Q3 2025. These anticipated cuts could enhance the borrowing environment for banks, encouraging investment in riskier assets like cryptocurrencies. Therefore, the BTC price could seek support at major technical levels such as the 200-day EMA and $50,000.</p>   
<h3 class="wp-block-heading" id="h-technical-analysis-and-market-sentiment"><strong>Technical Analysis and Market Sentiment</strong></h3>   
<p>The Bitcoin price chart against Tether (USDT) on Binance shows significant price action. The current price stands at $60,697.81. The volume bars at the bottom indicate trading activity, with green representing buying volume and red representing selling volume.</p>   
<p>The RSI is currently at 34.46. This low value suggests Bitcoin might be approaching oversold conditions. The MACD consists of two moving averages and a histogram. This indicator helps identify trend direction and momentum.</p>   
<figure class="wp-block-image">
 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd9IDjM4TyfleKWH252uKYke07VABhoPahEr0JkajjH7labXKNw_JBB_vWrUtkMYjMnJOJ5VMzz0gRsnOud3QGuqPJyyKRHhm8ZjRUoKji4ulJUUz6SJD-dQPKd1Opd17V9-BVl5cHEu8zEcDNVosU0OKwJ?key=PS9ChtNKm6Ddu91cPbr62w" alt="">
</figure>   
<p>Source:<a href="https://cryptorank.io/price/bitcoin/full-feature-chart" target="_blank" rel="noreferrer noopener nofollow">CryptoRank</a></p>   
<p>The price of bitcoin was on the rise between late January to early March 2024 and had touched $70,000. But then on it has been more or less stable although registering a slight volatility and has of late depicted a small decline.</p>   
<p>The most recent candles and indicators suggest a bearish short-term sentiment. Falling prices and declining technical indicators reflect this. Traders and investors can use this chart to make informed decisions.</p>   
<h4 class="wp-block-heading" id="h-read-also">Read also </h4>   
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
  
 <li><a href="https://cryptonewsland.com/crypto-covid-crash-repeats-amid-geopolitical-tensions-traders-buy-dip/">Crypto Covid Crash Repeats Amid Geopolitical Tensions, Traders Buy Dip</a></li>   
 <li><a href="https://cryptonewsland.com/312m-liquidated-in-crypto-market-bloodbath/">$312 Million Liquidated in 24 Hours as Crypto Market Experiences a Bloodbath</a></li>   
 <li><a href="https://cryptonewsland.com/shiba-inus-drastic-supply-cut-sparks-hope-for-surge-to-0-01/">Shiba Inu's Drastic Supply Cut Sparks Hope for Surge to $0.01</a></li>   
 <li><a href="https://cryptonewsland.com/golden-heights-paxgs-surge-amid-middle-east-turmoil/">Golden Heights: PAXG's Surge Amid Middle East Turmoil</a></li>   
 <li><a href="https://cryptonewsland.com/september-rate-cut-looms-implications-for/">September Rate Cut Looms: Implications for Bitcoin and the Crypto Ecosystem</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-faces-tough-times-as-geopolitical-tensions-and-fed-rate-cut-speculation-drive-its-decline/">Bitcoin Faces Tough Times as Geopolitical Tensions and Fed Rate Cut Speculation Drive Its Decline</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin Faces Tough Times as Geopolitical Tensions and Fed Rate Cut Speculation Drive Its Decline

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