Critical U.S. economic data was released on Thursday, July 18, potentially influencing Bitcoin price prediction. The unemployment claims came in higher than expected at 243,000, up from 229,000 previously, indicating a weakening job market.
Additionally, the Philly Fed Manufacturing Index showed significant improvement, rising to 13.9 from 2.7, signaling robust industrial growth.
The CB Leading Index, although slightly improved, still reflected a negative trend at -0.2%.
These mixed economic signals can impact Bitcoin in various ways. Higher unemployment claims may increase uncertainty in traditional markets, driving investors towards alternative assets like Bitcoin.
Bitcoin (BTC/USD) is currently trading at around $64,040, with a 24-hour trading volume of $26.51 billion.
Over the last 24 hours, Bitcoin has declined by 1.20%. It remains the top-ranked cryptocurrency on CoinMarketCap, boasting a market capitalization of $1.26 trillion.
There are 19.73 million BTC coins in circulation, nearing its maximum supply of 21 million BTC coins.
The 2-hour chart reveals that Bitcoin is finding support near the $63,500 mark.
This level is reinforced by an upward trendline and the formation of a hammer candle, which typically indicates potential for an upward movement.
Additionally, Bitcoin is sitting above its 50-day Exponential Moving Average (EMA) of $63,540, adding to the positive outlook.
Key price levels to monitor include the pivot point at $63,540. Immediate resistance is found at $65,120, with higher resistance levels at $66,940 and $68,940.
On the downside, immediate support is at $63,330, followed by $62,460 and $61,590. These levels are crucial for understanding Bitcoin’s next potential movements.
The Relative Strength Index (RSI) is
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