Will Bitcoin Price Skyrocket After Today’s FOMC Meeting?
Is this the best time to buy Bitcoin?
Hey Crypto Champs!
Are we on the verge of a breakout, or is the market just teasing us? With significant updates from the US government and the looming FOMC meeting, buckle up as we explore the numbers, the trends.
Crypto Market Overview
Market Cap: Down by 1.4%
Trading Volume: Decreased by 21.8%
Inflows: No new inflows since midnight.
Yesterday’s Inflow Data: 1,096 BTC
Fear and Greed Index: Currently at 61, suggesting a greedy market sentiment.
Heat Map: Mixed signals with Bitcoin down by 1.36% and Ethereum also dipping.
Bitcoin Price Analysis
Bitcoin Price: $66,419
Support Levels: Near $65,517, with significant support between $64,500 and $65,586.
Resistance Levels: Around $67,289.
US Government & ETF Updates
Bitcoin Transfers: The US government transferred about 29,800 BTC after a market crash. Recently, they transferred an additional 47.2 BTC.
BlackRock: Acquired $4.9 million in Bitcoin, but the overall market sentiment remains negative.
Bitcoin Holdings: Grayscale currently holds $9.1 billion in Bitcoin. Recent data indicates a potential positive shift as they remove $2 billion from the market.
Ethereum ETF: After four days of negativity, there are positive signs. BlackRock led with $118 million in Ethereum ETF purchases.
Upcoming FMC Meeting
Today is crucial as the FOMC meeting will determine interest rates.
The key times to note are the rate announcement at 2 PM ET and Powell's speech at 2:30 PM ET. This is the Last FOMC meeting until September; no meeting in August.
Predictions: A 95.9% chance of no change in rates, with a 4.1% chance of a rate cut.
The Astronomer analyst examined the last 10 FOMC events and identified a mid-timeframe pivot. The historical accuracy indicates an 80% to 90% probability of market reversals during these events.
Bitcoin Price Predictions
For Bitcoin to reach a price of $75,000 or $80,000, we need major catalysts, such as significant updates from Trump or the US government.
If Bitcoin trades between $75,000 and $80,000 before the September meeting, the impact of a rate cut may be limited.
Conversely, if Bitcoin remains at its current levels, a sudden price increase could happen upon the announcement of a rate cut.
Final Thoughts
If Trump wins the upcoming election, we may see major changes in the crypto space over the next few months.
Cryptocurrency generally follows a four-year cycle. After the all-time high in 2021, we’ve seen a downturn, but a solid recovery is expected.
Whenever the market trends downward, it’s a good opportunity to buy your desired tokens at attractive prices. The coming months could be the best time to Dollar-Cost Average (DCA) before we enter a new cycle in the cryptocurrency market.
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