Bitcoin Hovers Near $59K as Investors Brace for Fed Rate Decision
Comprehensive News and Technical Analysis Brief:
In the last 12 hours, Bitcoin (BTC) has traded around $59,680 , with a slight decline of 2.1% . Its 24-hour trading volume reached $33.69 billion , while the market cap stands at $1.17 trillion . The current price consolidation reflects caution ahead of the U.S. Federal Reserve's upcoming rate decision, which is expected to influence short-term volatility across crypto markets​( CoinGecko )​( CoinMarketCap ).
US and International Developments:
The major market focus remains on the Federal Reserve's impending rate decision. Analysts predict that a 25 basis point rate cut could trigger a surge in Bitcoin’s price, with some experts forecasting a rapid move toward $64,000 if the Fed follows through​( Cointelegraph ). Globally, Bitcoin continues to see increased adoption, especially in emerging markets like Venezuela, where opposition leaders are exploring adding Bitcoin to national reserves​( Cointelegraph ).
Technical Analysis:
Bitcoin has been trading within a support range of $59,000 to $60,000 for the last week, with resistance near $62,000 . The current consolidation is seen as preparation for a potential breakout, particularly if the Fed decision favors rate cuts. Analysts suggest that a move below $59,000 could trigger a short-term retracement, while a push above $62,000 could reignite bullish momentum toward the $64,000 level​( CoinMarketCap )​( Cointelegraph ).
Read More: https://onthenode.com/cryptocurrency/bitcoin-hovers-near-59k-as-investors-brace-for-fed-rate-decision
Comprehensive News and Technical Analysis Brief:
In the last 12 hours, Bitcoin (BTC) has traded around $59,680 , with a slight decline of 2.1% . Its 24-hour trading volume reached $33.69 billion , while the market cap stands at $1.17 trillion . The current price consolidation reflects caution ahead of the U.S. Federal Reserve's upcoming rate decision, which is expected to influence short-term volatility across crypto markets​( CoinGecko )​( CoinMarketCap ).
US and International Developments:
The major market focus remains on the Federal Reserve's impending rate decision. Analysts predict that a 25 basis point rate cut could trigger a surge in Bitcoin’s price, with some experts forecasting a rapid move toward $64,000 if the Fed follows through​( Cointelegraph ). Globally, Bitcoin continues to see increased adoption, especially in emerging markets like Venezuela, where opposition leaders are exploring adding Bitcoin to national reserves​( Cointelegraph ).
Technical Analysis:
Bitcoin has been trading within a support range of $59,000 to $60,000 for the last week, with resistance near $62,000 . The current consolidation is seen as preparation for a potential breakout, particularly if the Fed decision favors rate cuts. Analysts suggest that a move below $59,000 could trigger a short-term retracement, while a push above $62,000 could reignite bullish momentum toward the $64,000 level​( CoinMarketCap )​( Cointelegraph ).
Read More: https://onthenode.com/cryptocurrency/bitcoin-hovers-near-59k-as-investors-brace-for-fed-rate-decision
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