A Crucial Time For Bitcoin Price With FOMC Minutes Release Today
On July 27th the Federal Reserve held its Federal Open Market Committee meeting and today around 2pm EST the minutes of the meeting are said to be released.
Now, with a decreased inflation rate, the market is hopeful that the Federal Reserve might slow down on its increased interest rates, yet nothing is clear.
While the global market awaits the release of FOMC minutes, it’s been reported that Bitcoin withdrawal on the exchanges are seeing a rise.
The Bitcoin price which was trading around $24,000 for most of the weeks, has now declined towards $23,000 level. The upcoming US Federal Reserve’s FOMC minutes of meeting reports is likely to impact further price action of Bitcoin.
The Chairman of the US Federal Reserve, Jerome Powell, informed consumers that an abnormally sudden surge may be relevant.
At the moment, all market participants’ eyes are over the release of FOMC minutes before they opt for their next move. If the flagship currency performs as per Powell’s prediction where there will be an unexpected surge, investors are most likely to withdraw their holdings from exchanges.
Bitcoin Price To Find Its Moment?
The Federal Open Market Committee recently stated a 75 basis point rise in interest rates, and a decline in expenses has made investors concerned about yet another global recession. The US will release its July retail activity around 12:30 p.m. GMT today.
On the other hand, one of the crypto analysts who is known as @PostyXBT is of the opinion that at $22,500 is kind of a dull moment. By this the analyst means that the bullish theory will vanish. If that happens, Bitcoin price could bottom at $20,000 or even below.
$22,500 is the ‘lights out’ level for me.
This would mean we see confluence of a breakdown from the recent higher low and the rising wedge.
Until this happens, support is support. pic.twitter.com/aJqwlUM0Sq
— Posty (@PostyXBT) August 17, 2022
On the contrary, another trader @EtherNasyonal has an opposite approach. He feels that right now Bitcoin is on an important purchasing level, hence he says this is a right time to start gathering Bitcoins. This is because the trader claims this is when the asset starts to see a surge in the days to come.