Bitcoin continued to hover at around $28,000, up slightly on Wednesday, although some traders see the price going up to $30,000 or falling to $25,000 on positive or negative momentum depending on what the Federal Reserve announces about interest rates. Analysts expect the Fed to raise rates by a quarter-point. according to the CME FedWatch tool. Edward Moya, senior analyst at foreign-exchange trading firm Oanda, said momentum flows could support a 5% move in either direction. โIf the Fed doesnโt spark a rally, bitcoin could settle closer to the $25,000 region.โ Mike McGlone, senior commodity strategist at Bloomberg, said that there could be a โsuper-cycleโ happening in crypto. โBitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening,โ he tweeted.
Bitcoin Traders Await Fed’s Decision
