The crypto space is about to face fresh price variations as the FOMC is set to release fresh interest rates. The markets were expected to experience a minor push, similar to previous ones, but the current trade setup indicates the Bitcoin (BTC) price is set to undergo a pre-FOMC drop. In times when market participants have become largely bearish on Bitcoin, setting lower targets, a ray of hope for the bulls emerges, expecting an upswing very soon.
The BTC price has been trading within a parallel consolidation for over a month, failing to rise above the resistance and sustaining above the lower support. This has caused volatility to reach ground level. With a drop in volatility and volume, the sellers are failing to gain profits and are selling at acute losses. This has led to a major drop in seller exhaustion levels that have reached levels not seen since early 2019.
The levels have previously dropped to lower ranges during the beginning of the next bull market. Therefore, now that seller exhaustion has plummeted, volatility is low, and losses are extremely high, the next bull market may be on the horizon. Therefore, the BTC price is now speculated to follow the past and trigger a healthy upswing very soon.
However, in the short term, the token continues to remain under the bearish influence as it continues to undergo minor jumps without any major impact. Moreover, the price is believed to test the interim support at $28,700 soon after the FOMC rates are rolled out. After a brief consultation, the rally is expected to flip and trigger a fine upswing to reclaim the levels above $30,000 before the end of the month.