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Bitcoin Price Prediction as BTC Spikes Up 2% – Time to Buy?

Bitcoin showcased a notable increase of over 2%, hitting $67,500, stirring discussions on whether it’s the right time to buy. Concurrently, Ethena Labs has strategically reinforced USDe’s foundation by integrating Bitcoin into its collateral pool, aiming to boost the synthetic dollar’s liquidity and market stability.

This move, enhancing USDe’s $2 billion supply via the Bitcoin futures market, signals a significant shift towards stabilizing the cryptocurrency landscape and intertwining Bitcoin with the broader DeFi ecosystem.

Ethena Labs Enhances USDe Stability with Bitcoin Collateral Integration

Ethena Labs has bolstered the stability and liquidity of its synthetic dollar, USDe, by adding Bitcoin to its collateral mix. This strategic move, aimed at enhancing USDe’s $2 billion supply, taps into the Bitcoin futures market to ensure scalability and price stability through delta hedging.

Excited to announce that Ethena has onboarded BTC as a backing asset to USDe

This is a crucial unlock which will enable USDe to scale significantly from the current $2bn supply

— Ethena Labs (@ethena_labs) April 4, 2024

This move not only prioritizes stability in fluctuating markets but also bridges Bitcoin with decentralized finance (DeFi), potentially broadening Bitcoin’s role beyond a mere store of value.

Key Points:

Bitcoin added to USDe collateral for enhanced liquidity and stability.
Aims to expand the $2 billion USDe supply using Bitcoin futures.
Strengthens the connection between Bitcoin and DeFi.

Bitcoin Rises 4.5% Amid Stock Decline After Hawkish Fed Comments

Bitcoin countered the market downturn, gaining 4.5% despite a late-session stock sell-off triggered by hawkish comments from Minneapolis Fed President Neel Kashkari.

Kashkari’s remarks, hinting at delayed rate cuts if inflation remains steady, stirred the market and contrasted with Fed Chair Jerome Powell’s earlier statements.

A day of positive divergence for crypto bulls as #bitcoin adds 4.5% while stocks reverse lower on hawkish Fed comments.@SteveAlpher reports

— CoinDesk (@CoinDesk) April 4, 2024

The employment report for March is anticipated to clarify the situation further. Bitcoin, which briefly fell below $65,000, rebounded in U.S. trading hours, reaching a high of $69,000 before settling at $68,750.

The broader crypto market also saw gains, with the CoinDesk 20 Index up 3.25%, though Ethereum lagged with a modest 1.75% increase.

Bitcoin’s resilience amidst stock market fluctuations underscores growing investor confidence and its appeal as a hedge against economic uncertainty.

Bitcoin Price Prediction

Bitcoin (BTC/USD)’s technical analysis indicates a turning point at $67,800, with potential resistance at $69,850 and $71,600, reaching up to $73,765.

Support levels are established at $65,585, with additional levels at $63,500 and $61,530.

With the Relative Strength Index (RSI) at 52 and a positive crossover at the 50-day Exponential Moving Average (EMA) set at $68,000, there are indications of an upward trend.

This technical setup points to the possibility of Bitcoin climbing towards $69,850 or beyond, confirming a bullish pattern above $67,700.

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The post Bitcoin Price Prediction as BTC Spikes Up 2% – Time to Buy? appeared first on Cryptonews.

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