After surpassing $28,000 for the first time in nine months, bitcoin has been trading in a tight range between $27,300 and $28,350 over the past 24 hours, as investors await a decision by the Federal Reserve on interest rates on Wednesday. Traders are predicting a 25 basis point increase. The world’s largest cryptocurrency appears to be stalling at about $28,000. Swissblock Insights wrote in a report that the market appears to be betting on a 0.25 percentage point rate hike. “If the Fed proceeds to raise rates, the market shouldn’t react as aggressively. If the Fed pauses, however, we will see a strong move to the upside,” the report stated. “We expect volume to decrease and bitcoin’s price action to lose some steam going into the meeting.” Altcoins were down, with most losing 5% over the past 24 hours.
Related posts
-
Bitcoin Technical Analysis: Inverse Head and Shoulders Pattern Suggests Bullish Reversal
On Wednesday, via the 1-hour chart, bitcoin is forming a potential inverse head and shoulders pattern... -
Germany Moves 750 Bitcoin (BTC), Altcoins Bleed Liquidity
Bitcoin, after a brief surge above $62,000 in the early Asian session, retreated to $61,400. The... -
Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes
Bitcoin recently faced a significant rejection at the $62,498 resistance level, underscoring the prevailing bearish dominance...