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Thursday, February 29, 2024

Bitcoin Turns Down Below $29K, Pointing Out Fed!

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  • Bitcoin faces a subsequent fall for the consequent four days.
  • Expecting the upcoming May 4th FOMC meeting could be a timely help over the fall.

As per the instability caused by the United States banking sector, Bitcoin (BTC) fell down for consecutive four days from its peak of $30k till the last week. Also, crypto experts have predicted the fall could be because of the higher interest rates and constrained monetary policies. It is anticipated that the upcoming FOMC meeting on May 2-3 could be the savior to break the happening impact in the market.

The month of May has started out great with extreme volatility. The upcoming Federal Open Market Committee (FOMC) is expected to have a tenth consecutive rate hike. Additionally, Bitcoin has fallen in price and striking at $28k nearly in the crypto industry to date.

Will FOMC Meet Boost Bitcoin?

Again, the inflation continued to stubborn the market revenue once the banking crisis occurred. Henceforth, it predominantly affects economic growth concerning the higher risk rate. However, the upcoming FOMC meeting will refrain from the hike rates over a rate of 25 bps to be prolonged till the next meeting on June 13, 2023. Before and in between, the crypto market relies on the comments from Fed officials for a pause or rise in the potential rate.

Bitcoin Price Change (Source: CoinMarketCap)

Consequently, the current price of Bitcoin (BTC) is sloppy down to $28,289.35 at a 5.06% decrease over the last 24 hrs. Meanwhile, the trading volume continues to grow and is in the range of $18,152,102,516 with a 39.85% increase over a 46.63% market dominance.

Furthermore, crypto enthusiasts predict that the fall of Bitcoin below $26k might need crucial support at $25,250. Whereas, the bulls started protecting BTC which could help fluctuate between $26k and $30k for a period. On the other hand, the prediction tends to have a positive impact on an increase in momentum if the price rises to $32,400 once the FOMC meeting occurs.

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