The US monetary markets turned destructive a day after the Federal Reserve took hawkish stance within the September 2023 Federal Open Market Committee (FOMC). The Dow Jones Industrial Average (DJIA) fell 0.4%, the S&P 500 Index dropped round 0.9%, and the Nasdaq Composite Index suffered a 1% plunge whereas the Bitcoin price took a 2% correction.
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What Is The Local Bottom For BTC?
In the continuing corrective motion, high crypto analysts predict that the cryptocurrency might seemingly get better into the bullish section at any level. “We could technically reverse at any time,” mentioned common analyst CrediBULL Crypto, including that the dealer sentiment in direction of liquidations might determine the extent of downward danger. The analyst predicted that BTC value at the moment faces a really perfect draw back danger round $25,500 and additional draw back potential technically slightly below $25,000.
“If RED (below $25,000) is our bottom, then this flush may be the final move of this week’s long corrective structure that will ideally reset Bitcoin open interest and clear the way for the next leg up.”
In the publish FOMC press convention speech, US Federal Reserve Chair Jerome Powell mentioned the central financial institution officers have voted in favor of continuous the present stance of restrictive financial coverage. The markets have reacted negatively to Powell remarks that policymakers see it extra seemingly than not that one other charge hike shall be acceptable from the present goal charge of 525-550 bps.
What’s Ahead For BTC?
It could also be famous that the highest cryptocurrency has been buying and selling sideways across the $26,000 stage for the reason that final 5 weeks. While the Grayscale lawsuit victory within the final week of August 2023 failed to provide wings to the BTC value, the euphoria round spot Bitcoin ETFs has additionally dried up in current instances.
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