Bitcoin Settles for Now But May Heat up over the Weekend

Bitcoin (BTC) is up to $61,195 (BTC/USD) today after retreating to $60K on Thursday. The coin may be able to regain some lost ground now this weekend.

Bitcoin may appear to be down right now after having lost 0.42% over the week, but it is up for the last 30-day period. In fact, Bitcoin has gained 7.67% in the last month, climbing out of the dangerous sub-$60K zone and making some progress toward $65K. That is the next price point milestone that investors are looking forward to.

Bitcoin would be moving higher faster if it were not for the sluggish stock market holding it back. Some readings on Bitcoin’s short term trends predict that the coin will undergo a short term selling pressure period before it shoots up to record highs.

Continued fighting in the Middle East, as well as the new jobless claims report, and the severe weather in the southern United States are all contributing to the low numbers for Bitcoin right now. These may keep pressure on the coin’s price and prevent it from climbing very high for the short term.

What Could Boost Bitcoin’s Price Point?

We anticipate a jump in the coin’s level after the next interest rate cut. That cut may come next month, according to the Federal reserve. The last such cut helped spur Bitcoin to significant growth.

Bitcoin is also benefiting from less regulation worldwide, with more freedom of trade possible in the future. There are still severe bans in place on Bitcoin and other cryptos in China and Russia, but a lot of that business that has been lost there has simply moved under the radar or over to other countries.

We expect a lot of movement from Bitcoin this weekend as the jobless claims are processed and there is renewed interest in the coin now that its bear trend has stopped.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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