Bitcoin is facing a potential downturn after breaking out of a rising wedge pattern, suggesting insufficient trading volume to drive prices higher. The next major support level stands at approximately $91,700. If it fails to hold, traders should prepare for a possible drop to $88,500.
The broader crypto market is down by 0.08%, with a capitalization of $2.94 trillion. Bitcoin's price is steady at $94,498, indicating institutional interest, while altcoins such as Ethereum and XRP are showing minor losses. BNB, on the other hand, has risen 1.6% due to VanEck's ETF application. Alongside Bitcoin’s performance, corporate involvement in the cryptocurrency market is expected to reach $330 billion by 2029.
The upcoming Federal Reserve FOMC meeting is a significant focus, with markets expecting that the interest rate will remain unchanged, leaning towards a cautious stance. Federal Reserve Chairman Jerome Powell will provide updates on the economy and interest rates, which are crucial for determining market sentiment.
Historically, Bitcoin has displayed mixed reactions during Fed rate cuts. In contrast to previous drops during rate cuts, the current Bitcoin price has decreased by 33%, followed by a 30% recovery. The outcomes of the FOMC meetings tend to create market volatility, with traders advised to observe market reactions closely. Those considering entry positions should monitor the support zones closely, preparing for potential movements after the Fed’s announcement and Powell's subsequent comments.
Following the expected outcomes of the FOMC meeting, Bitcoin's price movements may replicate past patterns where three out of the last five meetings led to bullish trends. Experts suggest remaining cautious, anticipating possible fluctuations and buying opportunities as momentum shifts post-meeting.
The broader crypto market is down by 0.08%, with a capitalization of $2.94 trillion. Bitcoin's price is steady at $94,498, indicating institutional interest, while altcoins such as Ethereum and XRP are showing minor losses. BNB, on the other hand, has risen 1.6% due to VanEck's ETF application. Alongside Bitcoin’s performance, corporate involvement in the cryptocurrency market is expected to reach $330 billion by 2029.
The upcoming Federal Reserve FOMC meeting is a significant focus, with markets expecting that the interest rate will remain unchanged, leaning towards a cautious stance. Federal Reserve Chairman Jerome Powell will provide updates on the economy and interest rates, which are crucial for determining market sentiment.
Historically, Bitcoin has displayed mixed reactions during Fed rate cuts. In contrast to previous drops during rate cuts, the current Bitcoin price has decreased by 33%, followed by a 30% recovery. The outcomes of the FOMC meetings tend to create market volatility, with traders advised to observe market reactions closely. Those considering entry positions should monitor the support zones closely, preparing for potential movements after the Fed’s announcement and Powell's subsequent comments.
Following the expected outcomes of the FOMC meeting, Bitcoin's price movements may replicate past patterns where three out of the last five meetings led to bullish trends. Experts suggest remaining cautious, anticipating possible fluctuations and buying opportunities as momentum shifts post-meeting.
