Bitcoin
Bitcoin Price Slips as Markets Chew on the Fed’s Interest Rate Decision

Bitcoin price inched lower on Wednesday as markets chewed on the Fed’s latest interest rate decision. At the time of writing, Bitcoin price was trading slightly lower at $28,508.98. The asset’s total market cap rose slightly for the day, while the total volume of BTC traded slipped by nearly 8%.
Fundamentals
Bitcoin price was changing hands at $28,500 on Wednesday as investors digested minutes from the Federal Open Market Committee (FOMC) two-day monetary policy meeting. According to the released minutes, the committee decided to raise the target range for the federal funds rate to 5% to 5.25%.
Economic activity in the first quarter expanded modestly, while job gains have been robust in recent months. The unemployment rate remained low in the quarter, while inflation rates remained elevated. The FOMC seeks to achieve maximum employment and inflation at the rate of 2% in the long term.
In assessing the appropriate stance of monetary policy, the Committee said that it will continue to monitor the implications of incoming information for the economic outlook. The Committee stated that it would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.
US Treasury yields fell on Wednesday on the back of the hiked fed rates. The yield on the 2-year Treasury yield fell to 3.935%, while the 10-year Treasury yield dipped to 3.401%. The US dollar index also slipped to $101.311 at press time.
An environment of higher interest rates tends to be bearish for risk assets such as cryptocurrencies and stocks. As such, the global crypto market is likely to be volatile in the ensuing sessions as markets digest the rate hike voted for by 11 members of the committee including Fed chair Jerome Powell.
Bitcoin Price Outlook
Bitcoin price has been under intense pressure for the past few days as markets eyed the Fed’s interest rate decision. Even so, the digital asset has managed to remain above the 50-day and 100-day moving averages, as well as the 50-day and 200-day exponential moving averages. It is also hovering above the 50-day and 100-day simple moving averages.
However, its Relative Strength Index (RSI) has remained below the neutral zone, while the Moving Average Convergence Divergence (MACD) suggests a bearish trajectory.
Therefore, Bitcoin price is likely to fall further in the short term as markets take in the latest decision by the US central bank. Even so, I expect the digital asset to remain above the important support level of $28,000. On the flip side, a move past the $29,000 level will pave the way for bulls to retest $30,500, invalidating the bearish thesis.
Bitcoin
Bitcoin Price Outlook Ahead of Powell’s Speech

Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.
Economic Concerns
Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.
The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.
Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…
Bitcoin
Bitcoin Price Climbs Above $27,000 Ahead of the FOMC Monetary Policy Meeting

Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.
Fundamentals
Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.
Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.
Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…
Bitcoin
Bitcoin Price Flips Above $26,500: What’s Next?

Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.
Inflation Concerns
Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.
The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.
Retail sales data also published on Thursday…
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