During the European session, Bitcoin price is trading choppy near $20,350, struggling below the 61.8% Fibonacci retracement level of $21,000. The buyer-seller tug of war continues ahead of the FOMC and Fed Fund rate decision on November 2. As a result, it keeps volatility in check.
Fed Rate Hike On The Way
The US inflation is still running at its strongest pace in nearly 40 years, so the Federal Reserve is expected to hike interest rates for the sixth straight week this week.
Since March, the Federal Reserve has raised its benchmark short-term rate a total of 3 percentage points, with the most recent rise being 0.75 percentage points.
As the debate over when to turn to smaller interest rate hikes to prevent plunging the world’s largest economy into a tailspin heats up, central bankers in the United States are poised to keep their inflation war in high gear this week.
The Federal Reserve’s preferred measure of inflation is currently running at more than three times its 2% target, so the outcome of the Fed’s policy meeting on Tuesday and Wednesday is certain: the Fed will raise rates by three quarters of a percentage point for the fourth time in a row, bringing the target overnight lending rate to a range of 3.75%-4.00%.
The rate hike may not matter much on November 2 because most of it has already been priced in. The FOMC statement and press conference will be key in determining the pace of future rate hikes.
Bitcoin Price Prediction – Can BTC Pump Again?
Bitcoin is currently worth $20,391, with a 24-hour trading volume of 44 billion. Bitcoin has increased by more than 5% in the last seven days. CoinMarketCap is currently first, with a live market capitalization of $391 billion, down from $393 billion during the Asian session.
The BTC/USD pair continues to consolidate in a large trading range of $20,000 to $21,000, with Fibonacci retracement levels ranging from 38.2% to 61.8%. The general trading situation, though, remains positive.
The RSI and MACD remain bullish, indicating that the uptrend is likely to continue. Additionally, the 50-day moving average advises purchasing above $19,700.
As a result, a break of the 61.8% Fibo barrier ($21,000) might extend the buying trend to $21,900. Bitcoin might hit $22,500 if the present upward trend continues. On the downside, Bitcoin’s immediate support level remains close to $20,250.
Today, if a bullish breakout of $21,000 occurs, investors may look to purchase. Whereas, a break below $19,950 can drive selling until $19,000 mark.
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