Bitcoin Price Prediction: Analyst Warns Bitcoin Could Repeat the Sell the News Trap — Will Powell Break the Pattern This Time?
Bitcoin price is sitting at $74,100, up 0.4% on the day as markets are holding their breath forward of Wednesday’s Fed announcement.
The Fed is strolling into this assembly with oil above $100 and Middle East tensions complicating the inflation image. A maintain at 3.50 to three.75% is already priced in. What Powell says after is what truly issues.
The current restoration seems promising on the floor. Bitcoin has gained roughly $3,933 over the previous six days. But the quantity behind the push above $74,000 is skinny. Institutional conviction is on pause till the FOMC assertion drops.
Senior PrimeXBT analyst Jonatan Randin flagged it instantly. A promote the information sample has performed out after 7 of the final 8 Fed conferences. The setup for an additional one is true there.
Bitcoin Price Prediction: Can Bitcoin Sustain Momentum to $80,000?
Bitcoin is testing the $69,000 to $74,000 resistance band. A decisive shut above it validates the rally. Fail to carry and the transfer seems more and more like a bull lure.
Oil volatility and the FOMC are operating the present proper now. On-chain metrics are taking a again seat.
The key degree is $70,000. Bulls have to flip it from ceiling to flooring. If Powell sounds versatile somewhat than hawkish, a aid rally towards $80,000 opens up. If the promote the information sample repeats, $67,000 and the transferring averages beneath change into the base case.
Randin put it plainly. This rally lacks the hallmarks of a real risk-on sign. Investors are hedging, not accumulating aggressively. The liquidity at these highs is skinny.
The market wants a set off. Without Middle East de-escalation or a dovish shock from Powell, the upside is capped and the consolidation drags on.
Post-FOMC volatility will give merchants the route they’ve been ready for. Until then, no person is committing.
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