Bitcoin Price Forecast – Bitcoin Continues to See Buying on Dips Ahead of FOMC

Bitcoin Technical Analysis

The Bitcoin market rallied rather significantly during the trading session on Tuesday in the early hours, which, of course, makes a certain amount of sense as traders start to look forward to the FOMC interest rate decision and press conference. The market is likely to continue to see the $57,500 level as an area that matters. And the $60,000 level above is going to be, I believe, the next target – $62,000 level being a potential target after that.

All things being equal, it’s probably worth noting that Bitcoin has been lackluster, but it’s perhaps trying to get ahead of the interest rate decision, which should be an interest rate cut. This is a situation where it is likely that people will be looking for “loose monetary policy”, which is exactly what Bitcoin had thrived on for several years.

What I find interesting is pretty much everybody knows that. So, I don’t know that this is a move that has any sustainability unless of course, we see the Federal Reserve become aggressively dovish. If he says something in the press conference that leads people to believe that there are multiple big cuts coming, then that’s probably exactly what Bitcoin will need to take off. If he doesn’t, we’re probably still stuck in this same range. Actually, I am not so sure that we are ready to take off for a bigger move, but all things will more likely be driven by whatever it is that the Chairman of the Fed has to say in the question and answer part of the press conference.

For a look at all of today’s economic events, check out our economic calendar.