- Bitcoin maintains $113,000 before FOMC announcement.
- Market awaits Powell’s guidance.
- Analysts predict potential bullish breakout.
Bitcoin remains near $113,000 as traders await guidance from Fed Chair Powell ahead of the FOMC meeting.
The market holds attention on potential impacts on liquidity and risk sentiment, with derivative markets indicating optimism amid usual pre-FOMC volatility.
Bitcoin is holding steady at $113,000 ahead of a crucial FOMC meeting. Analysts are closely following Chair Powell’s guidance, as historical trends indicate similar pre-FOMC corrections have led to future breakouts in Bitcoin’s price.
Analysts such as Michael van de Poppe and Javon Marks emphasize Bitcoin’s resilience amidst standard market corrections. Marks highlights that despite rising wedges typically being bearish, they can signal bullish outcomes for Bitcoin.
Michael van de Poppe, a crypto analyst, shared his insights:
“Nothing bad is happening to the markets. It’s the standard correction pre-FOMC. #Bitcoin is holding up above the crucial level at $112K and looking for support. I’m expecting it to be holding up here, and to continue the uptrend after this test.”
The current market correction is viewed as routine rather than a sign of structural weakness. Explore CoinSpeaker’s cryptocurrency articles and market analysis for more insights. Recently reset derivatives markets and positive funding rates indicate renewed bullish sentiment among traders, focusing on possible bull runs.
Statements from figures like Robert Kiyosaki point to expectations of substantial price increases for Bitcoin. Positive sentiment remains prevalent, with some analysts predicting potential rises to $200,000 should favorable conditions persist. Latest cryptocurrency news and insights from CoinSpeaker.
Bitcoin’s decentralized leadership has no direct commentary for this scenario. The broader crypto market, including Ethereum, typically moves in tandem with Bitcoin, especially during macroeconomic events. Observers anticipate a bullish outcome if the FOMC decision reflects dovish sentiments.
Historically, such corrections around FOMC meetings have preceded significant rallies in Bitcoin. Expert insights and historical data suggest potential Financial market data and analysis from TradingView if similar patterns repeat, driven by market positioning and possible spot ETF inflows as undercurrents.
