The price of Bitcoin It is rising more than 4% to US$67,300 this Wednesday. This increase reflects growing investor confidence and forecasts an upward trend in the cryptocurrency market. Even though BTC navigates through different degrees of volatility, its Price prediction becomes a focal point for traders who are attentive to the future potential of the digital asset.
In the midst of this context, the crypto community remains attentive to strategic political endorsements and regulatory environments that could further influence the valuation and acceptance of Bitcoin in financial markets.
Super Tuesday and cryptocurrencies
During the Super Tuesday congressional primaries, Coinbase CEO, Brian Armstrongurged politicians to recognize the important support base of cryptocurrency enthusiasts. The crypto industry is investing millions to support political candidates that align with your interests.
Crypto PAC Fairshake is notably opposed to California Rep. Katie Porter, which could impact her Senate campaign. Meanwhile, outlawed politicians like Julie Johnson in Texas and Shomari Figures in Alabama they are gaining attention.
- Crypto influence: Millions spent supporting crypto-friendly political candidates.
- Political divisions: The sector navigates broader political divides, with greater support generally from Republicans.
- Regulatory future: The elections could dictate crucial regulatory decisions affecting the crypto industry, highlighting ongoing challenges and opportunities.
Bitcoin hits the brakes and waits for Powell’s words
As Federal Reserve Chair Jerome Powell spoke, along with expected ECB rate decisions and key US jobs data, the US dollar showed resilience. Despite small fluctuations, Bitcoin paused its recent rise, staying below high levels.
With a 60% expectation of a rate cut in June, markets eagerly anticipated Powell’s speech for indications on future adjustments in monetary policy.
Record for Bitcoin ETFs
In the previous session, Bitcoin ETFs saw unprecedented trading activity, with volumes reaching $10 billion as the price of Bitcoin reached new heights before experiencing a 12% drop in five hours. Leading the pack, BlackRock’s Bitcoin ETF, iShares Bitcoin ETF (IBIT), recorded the highest volume at $3.7 billion, eclipsing Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC).
Bitcoin price volatility caused IBIT and FBTC to fall by approximately 8.6% on the day, a trend mirrored by other spot Bitcoin ETFs. Despite this volatility, investor enthusiasm for Bitcoin remains strong, as highlighted by the increase in ETF trading volumes.
This trading rush underscores Bitcoin’s wide acceptance and suggests its potential for sustained use and appreciation, even as Bit Paine humorously points out the stark contrast in market dynamics compared to traditional financial markets, where government interventions often mitigate strong falls.
Bitcoin price prediction
Bitcoin (BTC/USD) sees a significant rise today, marking an increase of almost 5% to $67,300. The 4-hour chart reveals bullish momentum with the pivot point at $63,706. Resistance levels are set at $66,931, $69,045 and $71,992, suggesting possible ceilings for future gains.
On the other hand, support remains firm at $61,562, with additional levels at $59,380 and $56,863, acting as safeguards against declines.
The Relative Strength Index (RSI) at 53 indicates balanced momentum, while the 50-day Exponential Moving Average (EMA) at $61,776 reinforces the bullish trend.
Overall, Bitcoin’s Trajectory remains bullish above $63,700although a drop below this threshold could trigger significant selling.
Source: Ambito
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