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Bitcoin Price Prediction: Rally to $73,400 Amid AI Boom, Buy Signal Above $72,500?

Bitcoin Price Prediction

In the ever-evolving landscape of cryptocurrency, Bitcoin‘s recent uptick to $73,400 echoes a growing bullish sentiment.

Amidst market fluctuations, this advance strengthens the Bitcoin price prediction discourse, suggesting a potential continuation of its upward momentum.

With the market’s eyes fixed on the pivotal $70,587 mark, Bitcoin’s journey is watched by traders and investors alike for signs of sustained growth.

US Treasury Yields Rise, Markets Dip Amid Inflation Data Anticipation; Bitcoin Hits New Highs

As U.S. Treasury yields climb, signaling investor anticipation of inflation data and potential Federal Reserve actions, global markets experienced a slight downturn.

Despite Oracle’s earnings surge, the broader tech sector’s struggles led the S&P 500 to pull back from its peak, while the Nasdaq faced declines due to tech firm pressures against rising yields. Conversely, the Dow saw minor gains.

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Key points include a rise in the 10-year US bond yield to 4.19%, a marginal drop in the Europe-wide MSCI index despite record highs in the STOXX 600 and FTSEurofirst 300, and the dollar strengthening against the yen.

Bitcoin’s ascent to new highs underscores growing confidence in cryptocurrencies as a viable investment, especially amid rising crude oil prices and potential inflation concerns.

AI Stocks Propel Wall Street to Record Highs Amid Inflation Concerns

U.S. and global markets showed resilience as Wall Street indices, buoyed by advancements in artificial intelligence (AI), reached new heights. This occurred despite inflation falling below expectations and a resultant rise in Treasury yields, partly due to a poorly received auction of 10-year notes.

AI-focused companies like Nvidia and Oracle saw their stocks surge following strong earnings reports, injecting a dose of optimism into the market, even as concerns about an AI bubble loomed.

Morning Bid: Sidestepping CPI for AI, China wobbles anew

— Reuters (@Reuters) March 13, 2024

Meanwhile, China’s market faced setbacks from struggling real estate sectors, and Japan’s Nikkei dipped amid speculation of policy shifts by the Bank of Japan.

Bitcoin’s price soared past $73,000 in anticipation of its “halving” event, reflecting sustained investor interest in the cryptocurrency as a hedge against inflation and market instability.

U.S. inflation misses expectations, but AI-driven stocks push market to new highs.
China’s markets down due to real estate woes; Japan’s Nikkei falls on BOJ policy change speculation.
Bitcoin surges above $73,000, underlining its appeal amid traditional market volatility and upcoming “halving” event.

MicroStrategy Targets $500 Million Fundraise to Boost Bitcoin Holdings, Aims for 1% of BTC Supply

This month, MicroStrategy spearheaded by Michael Saylor, is launching its second significant fundraising effort, targeting $500 million in convertible notes to expand its Bitcoin holdings.

Following an $800 million drive that added 12,000 Bitcoins, the company is not just aiming to increase its stash but to secure 1% of Bitcoin’s total supply.

MicroStrategy is on its second fundraising ploy this month to buy more Bitcoin

— John Morgan (@johnmorganFL) March 13, 2024

With 205,000 BTC already under its belt, valued at $15 billion, MicroStrategy’s ambitious move reflects its deep conviction in Bitcoin.

This strategy has also buoyed investor confidence, evidenced by a 10.85% jump in its stock price to $1,766.

MicroStrategy launches a $500 million fundraising to buy more Bitcoin.
Aims to hold 1% of Bitcoin’s total supply, with 205,000 BTC already owned.
Investor confidence rises, pushing stock up 10.85% to $1,766.

Bitcoin Price Prediction

In the latest technical outlook for Bitcoin, the cryptocurrency stands at $73,332, showing consolidation within an uptrend on the 4-hour chart.

The pivot point is marked by the green line at $70,587, serving as a baseline for Bitcoin’s short-term trajectory.

Immediate resistance is seen at $74,840, with subsequent levels at $77,453 and $79,904, indicating potential ceilings that bulls must breach for continued advancement.

On the flip side, immediate support forms just below at $69,538, with additional safety nets at $68,629 and $66,239, where buyers might step in.

Bitcoin Price Prediction

The Relative Strength Index (RSI) hovers around 68, hinting at a slightly overbought market, but the 50-day Exponential Moving Average (EMA) at $69,538 suggests a bullish trend.

The overall technical stance for Bitcoin is cautiously optimistic as it balances near the pivot point with an eye on breaking through resistance.

Top 15 Cryptocurrencies to Watch in 2024

Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2024. Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.

Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.

The post Bitcoin Price Prediction: Rally to $73,400 Amid AI Boom, Buy Signal Above $72,500? appeared first on Cryptonews.

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