Bitcoin's recent rally seems to have hit a snag. After hovering around $67,800, the king of crypto took a tumble following positive US economic data. This unexpected strength in the dollar and signs of a hawkish Fed dampened investor enthusiasm for risky assets like Bitcoin.

Strong Dollar, Hawkish Fed Put a Chill on Crypto

A robust US job market and rising Services PMI data rekindled fears of the Fed raising interest rates in September. This sent the dollar soaring, making Bitcoin a less attractive investment compared to safer options. To make matters worse, Atlanta Fed President Bostic emphasized the need for higher rates to combat inflation, further spooking investors.

Positive Developments Offer a Glimmer of Hope

Despite the recent gloom, some positive signs are emerging for Bitcoin. Regulatory changes in the US, like the push for spot Ethereum ETFs and the passing of the crypto-friendly FIT21 bill, are boosting investor confidence. Additionally, "whales," major Bitcoin holders, have been accumulating significant amounts of the cryptocurrency, suggesting long-term optimism.

Bitcoin Price Prediction: Stuck in Neutral

With conflicting forces at play, Bitcoin's price sits precariously at $67,860. A technical analysis reveals a pivot point at $68,263. Breaking above this level could trigger a bullish run, while a continued decline could lead to further losses.

The Bottom Line: A Wait-and-See Approach

Bitcoin's current price action suggests a wait-and-see approach. Key resistance levels sit at $70,000 and above, while support lies around $66,300. The upcoming comments from Fed officials and further economic data releases will likely determine Bitcoin's next move.

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