Bitcoin is struggling to maintain the $60,000 monthly pre-close level. We observe that the 2% pullback in Bitcoin increases the sales in the altcoin market and there are pullbacks before the monthly closures.
We will start a busy week after the monthly closing in Bitcoin.
The Fed’s monetary policy committee meeting will be held on 2-3 November next week. The Fed is expected to announce its interest rate decision on Wednesday, November 3 at 21:00. In previous meetings, the FED kept the interest rate constant in the range of 0-0.25. The expectation for this meeting is that the interest rate will remain constant.
As the markets prepare for the new week in the shadow of the FED meeting, experts warn that a volatile week may be experienced.
Bitcoin started its own movement by separating positively from the US markets in October. At this point, we will monitor whether this divergence will continue.
Powell is expected to make a speech after the Fed meeting. Are Powell’s statements dove, even if the interest rate is held constant in line with expectations? is it a hawk? that will be followed.
Details on the reduction of asset purchases, which has been on the FED’s agenda for a long time, are expected to become clearer at this meeting. It will be followed whether there is a change in the FED’s point of view regarding the decrease in asset purchases, when the interest rates will be increased and the concerns about inflation.
*Not Investment Advice.