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The FOMC gathering and Powell’s address raise concerns regarding Bitcoin. The FOMC session is scheduled to take place soon. The outcome of the meeting is likely to influence the price of Bitcoin. The insights shared by Federal Reserve Chair Jerome Powell regarding the future trajectory of the U.S. economy hold significant weight for traders.
The 19% probability in the Fed Funds futures market that the Fed will raise again in December needs to go towards zero. Rate hikes are so over.https://t.co/MWuKq8pSB1
— Gregor Macdonald (@GregorMacdonald) October 29, 2023
Although there might be no immediate adjustments to interest rates, the possibility of a rate hike during the December gathering cannot be ruled out. Fed officials tend to be extra careful, indicating that future rate hikes will be contingent on inflation and unemployment data. Powell’s speech might offer clues about rate hike decisions that could impact Bitcoin. Speculation about a temporary halt in Bitcoin’s surge arises from on-chain developments and profit-taking by short-term holders.
Bitcoin Key Levels To Watch—October 29
BTCUSD is currently in a consolidation phase after an expansion move for about two weeks. The expansion began after the bounce of an emerging trendline in mid-October 2023.
Due to the indication of the MA Cross, the market’s overall trend is bullish. However, the market seems to have been overbought, according to the RSI (Relative Strength Index). A significant retracement to the downside is therefore imminent.
Bitcoin Key Levels
Resistance Levels: $41020.00, $41020, $48240
Support Levels: $31862.00, $28661.00, $24750.00
BTC Metrics
Total Market Capitalization: $1.27T
Bitcoin Market Capitalization: $675B
Bitcoin Volume: $28B
Market Rank: #1
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