FOMC Day Today; Will Bitcoin Price Plunge Below $28,800 or Rise Above $29,500?



The post FOMC Day Today; Will Bitcoin Price Plunge Below $28,800 or Rise Above $29,500? appeared first on Coinpedia Fintech News

The bitcoin price dropped recently below the multiweek trading ranges, which indicates that buyers may suffer more losses in the coming days. After maintaining a steep bearish trend since the early trading hours, the BTC price is now recording some marginal gains. Meanwhile, the other altcoins continue to trade under the bearish influence, which suggests a market reversal may be nearby.

Besides, with the FOMC meeting on the horizon, the BTC price fails to induce the required volatility. The price continues to trade between the pre-defined range of $29,400 and $29,000, and it was stuck for over a couple of days. Now that the meeting is around the corner, some BTC wicks may be formed around the price which may further indicate the end of the prevailing correction too.

Also Read: Bitcoin Whale Balance Declines Heavily, Raising Huge Concern Over the Upcoming BTC Price Rally

Many experts believe another 25 basis points are expected to rise by nearly 98% of the market. Hence, no large price variation may be expected but only if the FED chair, Jerome Powell, mentions something that is not expected by the market, a notable drop could be triggered.

According to popular analyst Michael van de Poppe, the Bitcoin price may fall to new monthly lows near $28,500. The drop is thought to have been precipitated not only by the FOMC meeting but also by GDP and PCE. However, the trade setup indicates the possibility of a bullish reversal after testing the lows that may lift the price back above $30,000.

Besides, onchain activity is fairly rising, as the monthly average of new wallets has exceeded the yearly average. This suggests the network fundamentals are improving along with growing utilization. The on-chain activity was contracted to some extent but it has again begun to expand which suggests there is some scope for a bullish reversal ahead.