Claim $500FOMC Meeting: Will Bitcoin Price Recovery Continue Post Powell Speech
Outcome from the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) meeting scheduled for October 31 and November 1, 2023 could likely have a minor impact on the stock prices and Bitcoin price. Yet, it is the subsequent comments on the US economic outlook in Fed Chair Jerome Powell speech that holds key for a potential market moving indication for traders.
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Fed Rate Hike Unchanged? What’s Next
While the traders and investors are at this point unanimously confident about a pause in the interest rate hike in the upcoming FOMC meet, it is the possibility of a rate hike in the December 13, 2023 meeting that leaves scope for prior warnings from the Federal Reserve officials. In the recent few Fed meetings, the officials ensured that the markets did not get carried away with the softening monetary policy stance. The Fed Chair had warned that a majority of central bank officials feel it appropriate to further raise the rates if needed, while gauging the incoming data on inflation and unemployment.
Bitcoin Price Reaction
According to respondents on the CME FedWatch Tool, there is hardly any expectation that the Fed will change the Federal target rate at the upcoming FOMC meeting. However, there is a 19.8% probability expectation of a 0.25% rate hike from the current range of 550-575 bps. Hence, any signs of rate hike decisions for upcoming meetings in Powell speech could likely trigger a Bitcoin price reaction, as with S&P 500 and Nasdaq Indices.
Earlier, CoinGape reported chances of a potential BTC price rally pause based on important on-chain developments like profit booking by short term Bitcoin holders. It remains to be seen if the top cryptocurrency fails to break resistance around the $35,000 level next week.
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