Will Bitcoin Reach All Time Highs After Fed Decision?
FED Rate Cut Report: What’s Next?
Hello friends!
Crypto Alert! Get ready for explosive market shifts as we dive into the upcoming FOMC meeting and its potential impact on Bitcoin, Ethereum, and Solana! Don't miss out!
Current Market Overview
Market Performance: The overall market cap is up by 3%, and trading volume has increased by 12%. However, we haven't seen any significant inflows since midnight, and yesterday’s data was also lacking.
Fear and Greed Index: Currently, the index is at 45, indicating a sense of fear in the market. In the past hour, the sentiment leaned towards buying but has since cooled down a bit.
Bitcoin and Ethereum:
Bitcoin (BTC) is up 4.19%.
Ethereum price (ETH) has increased by 2.38%.
Solana price (SOL) has decreased by 1.11%
Anticipating Volatility
We can expect the market to be quite volatile this week due to the FOMC meeting. Today is the day we’ve been waiting for!
Bitcoin’s Chart Analysis
Resistance Levels: Over the last two to three months, we’ve been monitoring a crucial resistance level for Bitcoin. It faced resistance right where we expected.
Key Price Points:
Previous resistance around $59,200.
Current support has been confirmed multiple times near $57,000.
Potential Outcomes of the FOMC Meeting
There are three possible scenarios for today’s FOMC meeting:
No Rate Cut: This is unlikely, but if it happens, we could see a significant market drop.
25 Basis Point Cut: While this is generally viewed positively, the market has become overly optimistic. If expectations are set for a larger cut, a 25 basis point cut may not have the anticipated effect.
50 Basis Point Cut: This is the most likely outcome. Some reports suggest that if this occurs, Bitcoin could move towards $50,000 to $75,000. However, I don’t believe we’ll see a sudden spike to $75,000 just from this cut.
Watching Bitcoin’s Price Movements
Possible Spike: If we see a price spike, it might reach up to $69,000. The critical point will be how the daily candle closes. A close above our resistance levels could signal a bullish trend; otherwise, a retracement may follow.
Future Movements: Significant price movements may not happen until after the U.S. elections, which will influence market perceptions.
Analyst Jelle observed that Bitcoin’s recent price action indicates a bullish trend. With a new September high of $60,670 reached on the 13th, surpassing the previous peak of $59,830, the market seems to have enough momentum to challenge the $65,000 resistance level.
Another analyst, Altstein Trader, agrees with the bullish outlook, suggesting that breaking the $65,000 barrier could pave the way for Bitcoin to set new record highs.
Data from IntoTheBlock highlights significant resistance in the $60,000 range, particularly between $60,465 and $62,278, where 1.53 million addresses hold about 604,760 BTC. This indicates strong selling pressure at these levels.
Crypto strategist Doctor Profit points out the divided sentiment regarding the rate cut. Insufficient action from the Fed could lead to market turmoil, reminiscent of the sharp decline Bitcoin experienced on "Blood Monday" in August.
Bitcoin's fate hangs in the balance! Will the Fed’s decision send it soaring past $65K, or will it crash like "Blood Monday"? Traders, brace for massive volatility!
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