Bitcoin Price Prediction: What To Expect Amid Low Volatility, FOMC Meet
Crypto News: The cryptocurrency market ecosystem is anticipating the July 26, 2023 Federal Reserve meeting outcome on interest rate. Traders are expecting that the Federal Open Market Committee (FOMC) raises the target rate by 25 bps yet again, in what could be the last of the rate hikes in the current cycle. Meanwhile, the Bitcoin price is poised for the next round of bullish wave as it found support in the crucial area.
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According to the CME FedWatch Tool, a platform that assesses the likelihood that the Fed will change the target rate at the upcoming meeting, the market is fully confident that there will be a 25 bps hike from the current target rate of 500-525 bps. As many as 99.2% of respondents feel the US central bank will impose an interest rate hike in the July meeting.
What Low Volatility Means For Bitcoin Price
Currently, the top cryptocurrency’s volatility is at a six month low level, thanks to the recent sideways movement surrounding the news of financial giants like Blackrock filing for spot Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC). Glassnode data shows that the last time Bitcoin price saw such a tight volatility squeeze was in January 2023, when the crypto market price saw a jump with Bitcoin itself recording a 30% rise. Also, historically, these tight squeezes from sideways movement have generally followed a bullish trend thereafter.
Bloomberg analysts noted that these situations generally act as a precursor to a breakout move considering the cyclical nature of volatility. Earlier, Goldman Sachs analysts predicted that the July 2023 Fed meeting could see the last of the rate hikes in the current monetary tightening cycle. Hence, any hint of relief in US Fed Chair Jerome Powell’s post-FOMC press conference could drive Bitcoin price nearer to the next level of resistance, which is close to the $33,000 mark.
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