FOMC 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.
Also Read: Shiba Inu Devs Kick Start Countdown For ‘Unique SHIB Identity’
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.
Also Read: Mike Novogratz’s Galaxy Digital Going Long On Bitcoin And Ethereum: Lookonchain
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
