Bitcoin, Altcoins and other assets such as stocks and bonds were traded in a narrow range on Wednesday, as the market awaits the first interest rate of this year.
Bitcoin (BTCIt was traded for $ 102,000, while popular altcoins like Ethereum (Eth), Tamulization (Xrp), And Solana (TellerIt declined with less than 5 %. The best later batteries were Dexe, Raydium, JuPITER and Pudgy Penguins, which fell with double numbers.
Permanent economists, including Mohamed El -Erian, expect that the FOOC Open Market Committee (FOMC) will leave interest rates unchanged by 4.50 %.
The temporary suspension will not be a surprise, as officials have hinted several times since the December meeting, when they reduce prices by 0.25 %. The accompanying DOT plot indicated only discounts this year, below from the previous guidance of four.
Therefore, the initial average decision is likely to have a small impact on bitcoin and wallet prices. instead of, Jerome Powell statement As expected later this year it will be the main catalyst.
Based on modern economic data, it is unlikely to change its position on price discounts. Inflation is still stubbornly, as the main consumer price index increased from 2.7 % in November to 2.9 % in December. Basic inflation remained above 3 %, as the Federal Reserve goal exceeded by 2 %.
The Federal Reserve expects the inflation to remain high for a longer period, especially if Donald Trump advances with the proposed import tariff. Bitcoin and other risk origins, such as stocks, often decrease, when the Federal Reserve adopts a honesty.
The price of bitcoin is a risky pattern before the Federal Reserve
There is a risk of a decrease in the price of Bitcoin after FOMC decision, as it posed a double pattern on the daily chart. This pattern consists of two twin summits, in which case they are $ 108,180. It also has the neckline at $ 88,913. The assets often have a declining penetration after the formation of a dual pattern.
Another danger is that Bitcoin has formed a decreased divergence pattern on the daily chart. This is evident through the money flow index, the relative strength index, and the MACD indicators, which have decreased since November.
Therefore, a mixture of double -scale pattern, a declining difference, and the increasing federal reserve that bitcoin may decrease after the FOMC statement. Such a decline can push him to the neck line at $ 88,913.
Bitcoin's landline collapse is likely to lead more from the negative side of the pallets such as ETHEREUM, Solana and Polkadot. On the contrary, if Bitcoin jumps to the highest new level ever, these altcoins may refresh.
Source link