Bitcoin Price Prediction after Holding the Line Near $65K

Quick overview

The cryptocurrency market entered on Friday with mostly stable levels, holding onto its progress from earlier in the week and Bitcoin (BTC) resting near $65,000.

Bitcoin moved down just 0.25% on Friday morning to reach $64,977 (BTC/USD) and kept up its level from the previous day. The same story was told across the cryptocurrency market as Ethereum (ETH) and XRP (XRP) slipped less than 1%. As the morning progressed, the story changed, though, and deeper losses began to appear.

Price drops in the crypto market were spurred yesterday by rising oil prices. The price of crude oil benchmarks rose toward $100 due to ongoing conflict between Iran and the United States as well as surrounding countries neighboring the highly contested Strait of Hormuz.

Falling Rates Hit Crypto Market

At the time of writing, Bitcoin and other leading crypto tokens started to fall harder, losing 1-2%. Bitcoin plunged to $63K and Ethereum fell 1.83% from the previous day. The market may close the week off on a serious loss as gains made earlier in the week are starting to evaporate.

Brent crude oil is now past $96 per barrel, which is the highest point for this benchmark since the middle of May. Those climbing rates for oil may be having an impact on the crypto market, leaving investors with less money to spend on volatile assets.

Bitcoin is feeling intense pressure after struggling to make gains over the last few weeks. It seems as soon as the coin makes some upward progress, it is knocked down again, and currently the BTC rate is about 50% of its all-time high. The coin has not reached a new high since October of last year. Its trend has not been entirely downward since then, but it can feel like it to long-time investors who have seen the coin barely peek above $100K in months.

Bitcoin and the wider crypto market are very volatile. Influencing factors are having a big impact on these tokens, and we can expect news from the Middle East to cause further fluctuations. Oil prices and stock movements are also impacting the crypto market, and they will continue to affect crypto movements severely until Bitcoin finds strong support and manages to hold onto its price level at some point. For now, its movement is at the whim of the wider market and various economic factors. We expect a drop to $60K to take place over the weekend if its current bearish trend continues.

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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.