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Just around a month after dropping sharply over the news of Elon Musk-led SpaceX selling Bitcoin holdings, the BTC price is currently on an encouraging uptrend. However, the bigger question is whether or not the upward momentum is sustainable in the near term. On Wednesday, September 20, the Federal Open Market Committee (FOMC) is expected to give out a rate hike pause decision, the likelihood of which could rile up some optimism in the financial markets and thereby the crypto ecosystem.
Also Read: Ex-US Fed President Explains Logic Behind FOMC Rate Hike ‘Pause’
Bitcoin Price At Inflection Point?
Popular analyst CrediBULL Crypto had earlier called that the $27,000 range would be a good position to enter for bears before the cryptocurrency took a bullish turn. Following this, the BTC price appeared to have stabilized around $27,200. Hence, CrediBULL is placing new bets that the bull run would be activated if the cryptocurrency reached $27,800, which is $500 above the current zone. “$500 higher and all bearish arguments are invalidated,” he stated.
Hence, if BTC breaches the $27,800 range, the chances of it falling back to $25,000 get slimmer, he indicated. “A trip to mid-low $25k’s is still possible as long as we don’t break 28k. If we manage to do that it’s far far more unlikely.”
Open Interest On A High
Doubling down the price movement is the heightened Bitcoin open interest just in time before the FOMC interest rate decision. Open interest refers to the volume of open positions existing in a derivative exchanges.
$1B+ in #Bitcoin Open Interest and FOMC in 2 days.
This will cause some fireworks this week 🎆 pic.twitter.com/NtQ76MWm9X
— Daan Crypto Trades (@DaanCrypto) September 18, 2023
Also, any hint of dovish signals from US Fed Chair Jerome Powell in his post-FOMC press conference could likely mean a bullish ripple effect onto the crypto market from financial markets. However, if Powell speech indicates a continuation of restrictive monetary policy, it is likely that the markets do not respond much to the FOMC decision.
Also Read: XRP, Solana, Cardano (ADA) Records Inflows From Institutional Investors
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