Everyone focused on the Fed decision today. So is Bitcoin BTC. Markets await Powell’s statements. So, where is BTC headed at this point? Let’s look at the details of our article.
Where is bitcoin going?
Bitcoin is stuck in a tight range today. Accordingly, the price action is not very satisfactory. cryptocoin.com When we look at it as a whole, Bitcoin is close to the level of $ 26,000.
However, the latest data point to a decline in inflation in the US economy. Even this did not mean a move for Bitcoin. The Fed decision is now awaited. Producer Price Index (PPI) data showed that US inflation continued to slow. Bitcoin continues to be stubborn. In line with its response to the Consumer Price Index (CPI) pressure from the day before, the pair was unable to offer traders volatility, sticking to a familiar range between various moving averages.
Market commentators turned to the Federal Reserve’s decision on interest rates for the day and President Jerome Powell’s subsequent comments for inspiration. “Happy hawkish pause day!” he wrote. Tedtalksmacro cited major US bank projections for the Fed to halt the rate hike cycle since late 2021. The latest data from CME Group’s FedWatch tool also reveals an interesting prospect. Accordingly, it continued to be in line with forecasts. Also, at the time of this writing, he showed the probability of interrupting the rate hike as 92%.
Beyond the interest rate decision
Beyond the rate decision, the strength of the US dollar has been a topic of discussion among Bitcoin analysts. Crypto Ed watched for a potential jump from support that could cause problems for Bitcoin. Crypto Ed has “reached the green box and is bouncing a bit” for the dollar index. makes the comment. Also, “I expect pressure on BTC if this means that the correction is over and continues to rise.” says.
When it comes to BTC price action in general, popular trader and analyst Rekt Capital took a more optimistic view.
There are negative catalysts. In particular, there is the tense atmosphere created by the US legal attack on major stock markets. Despite this, Bitcoin is still 20 percent below its monthly peak of $31,000 in April. Another trader Mustache was also positive about the current scenario. But over longer timeframes, he argued, recent events have changed Bitcoin price action very little.
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