Bitcoin BTC today, May 11, 2024, crossed the $61K level and faces new challenges under Federal Reserve influence.
The top crypto, currently trading around $61200, has experienced an above of about 0.10% over the last 24 hours and in the last seven days around 3.70% down, keeping the Bitcoin BTC price prediction bearish.

Source: CoinMakerCap
Michelle Bowman the Governor of Federal Reserve, indicates that she doesn’t think we need to cut interest rates this year, as reported by the financial journalist Walter Bloomberg
Federal Reserve official Walter’s remarks made people in the market more careful. Before, they were hopeful that the government might make money easier to get. Investors are watching closely for any new information about the economy. They want to see if the government’s plans might affect how Bitcoin’s value changes in the next few months.
Bitcoin BTC Price Prediction
Bitcoin BTC is currently trading at $61,200, marking an up of around 0.30% over the last day. Given this slight up, the market appears concerned about Bitcoin BTC price prediction.
Even though traders are worried, Bitcoin is still the most valuable cryptocurrency, worth around $1.205 trillion. The trading volume during this time frame was around 18.258 billion, which shows that the majority of traders are active in the market.
Looking at the technical side, a crucial point for Bitcoin BTC is $61400. If it goes up more, it should need to get past $63400, and the most strong resistance level is around $65500. Traders are looking closely at the next move of Bitcoin BTC.
Moreover, the first support level is $59050, if this level fails to hold, the second and third support levels are $56500 and $52000, which will be the focal levels for potential bearish pressure.
The Relative Strength Index (RSI) is at 42, which means Bitcoin BTC might be oversold. But it also shows there could be more drops if traders feelings about the market don’t get better. The Moving Average (MA), which looks at the last 50 and 100-days, is sitting at $62406, making it hard for Bitcoin BTC to go up.

Source: TradingView
Conclusion, Bitcoin BTC is on a downward trend as it’s trading below $60900. If it keeps going like this, it might drop ever more, possibly down to $59050.
Note: This article only provides information, BTCProNews is not a financial adviser company, so do your own research on cryptocurrency and then invest.