Bitcoin Price and Ethereum Predictions: How US FOMC Decision Could Impact the Crypto Market?
Many investors and traders have been watching the recent spike in Bitcoin and Ethereum prices because both cryptocurrencies have seen considerable price increases in recent months.
Yet, there is uncertainty and speculative activity surrounding how the US Federal Reserve’s (FOMC) forthcoming interest rate decision may affect the crypto market.
The largest cryptocurrency in the world, Bitcoin (BTC), was able to regain momentum on Wednesday morning, reaching new 9-month highs above $28K as investors waited in anticipation for the outcome of the US Federal Open Market Committee (FOMC) meeting, which might lead to a 25 basis point interest rate hike.
Some well-known cryptocurrencies, including Litecoin (LTC) and Dogecoin (DOGE), also managed to finish in the black. The value of the cryptocurrency market was $1.18 trillion at the time of writing, up 2.20 percent over the previous day.
Bitcoin Rebounds Up to 40% Amid Collapse of Global Financial Institutions
Mostly as a result of the failure of large banks, bitcoin has increased by more than 40%. Investors are now turning to Bitcoin as a more dependable alternative after losing faith in the financial system as a result of this.
The price of bitcoin has risen to a new high of $28,000, the highest figure since June 2022. Many now consider Bitcoin to be more reliable than banks as a result.
As a result, institutions work hard to meet the rising demand, and Bitcoin’s popularity is soaring as more individuals purchase it while it is still relatively cheap.
In order to understand why Bitcoin has gained a reputation as a safe-haven asset during economic downturns, it is important to note that it is a decentralised digital currency that is not governed by central banks or financial institutions.
The sharp increase in Bitcoin’s value following a number of large bank failures highlights the expanding significance of decentralised digital currencies in the current financial environment.
Fear and Greed Index Indicates Bitcoin Investors Remain Confident
It is important to note that investors can evaluate their attitudes towards Bitcoin and the cryptocurrency market using the fear and greed index. The numbers range from 1 to 100, with 1 denoting extreme worry on the part of investors and 100 denoting moderate confidence.
The fear and greed score for Bitcoin is currently at 68, the highest it has ever been this year, according to recent research. This demonstrates that investors have a positive outlook on Bitcoin’s future and believe its value will continue to rise.
Bitcoin currently costs $28,300 and has a $35.1 billion 24-hour trading volume. The price of Bitcoin has increased by 1.50% in the last day.
As of Wednesday, the BTC/USD pair has surpassed the $27,750 resistance level and is now settling towards the $28,000 mark. It’s possible that Bitcoin’s value will rise towards $29,250 or $30,700 if this positive trend keeps up.
The next level of support for Bitcoin will be at $23,150 if it manages to breach the $26,700 or $25,200 support levels.
Yet, thanks to the development of bullish engulfing candles, the general trend for Bitcoin is still bullish despite the possibility of downturns. Keep a watch on the US FOMC meeting to learn more about future market patterns.
Ethereum is currently selling for $1,800 with a $10.7 billion 24-hour trading volume. In the previous few hours, Ethereum has increased by around 4%. Ethereum is now staying stable close to the $1,700 support area and is unable to move over the $1,800 resistance level.
If the ETH/USD pair succeeds in breaking through the $1,800 barrier, it is anticipated that resistance will be present at the $1,900 barrier.
So what are you waiting for? Start investing in cryptocurrency with Crypto Token Development Company today and take advantage of the exciting opportunities that this emerging market has to offer.