Bitcoin Looks to Dip Below $65,000

Bitcoin is down to almost $65,000 today but could be preparing for a turnaround as its trade volume is greatly increasing.

Written by: Timothy St. John • Tuesday, June 18, 2024 • 2 min read

• Last updated: Tuesday, June 18, 2024

Bitcoin (BTC) is down to $65,170 (BTC/USD) today and still dropping. The coin fell 0.74% over the last 24 hours, but its trade volume is up by 82%.

Bitcoin (BTC) is falling to the bottom of its trading range.

The trade volume spike could mean that Bitcoin is about to turn around and investors are ready to buy in on the embattled coin. Bitcoin has been having a tough time the last couple of weeks, falling drastically after hitting $71K.

As we watch Bitcoin slip further and further from the record high target that many analysts thought it would have achieved by now, we have been waiting to see it turn around and start climbing back up to $70K. Bitcoin rarely stays down for very long, with investors rapidly buying into the coin when it dips. We expect a similar action here and anticipate that the coin will be much higher before the end of the week.

What Will Help Bitcoin Shoot Up?

There are several factors that could contribute to Bitcoin climbing rapidly toward a new record high in the next few weeks. Foremost of those is the somewhat positive inflation news from the Federal Reserve. The recent FOMC meeting showed that inflation was easing slightly, though not at the rate the Fed was hoping for. Some economic indicators pointed toward signs of recovery, and the Fed was hopeful about interest rate cuts for this year and the overall state of the economy.

We have seen the stock market react to that news positively, and Bitcoin may have its turn to do so soon.

Bitcoin could also start to benefit from the rollout of spot ether ETFs, which should lend credibility and stability to the crypto market. These were recently approved by the US Securities and Exchange Commission.

We are seeing the trade volume for Bitcoin rapidly increase as more investors are buying in at the very welcoming price point. That could quickly turn into a wave of upward momentum for Bitcoin that will carry it back to $70K.

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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.