Bitcoin
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Bitcoin news and forecast for today will be centered around the Fed meeting. It will become a catalyst for either raising or lowering the price of Bitcoin. So far, Bitcoin is showing a steady bullish trend.
But how long will it last? At the same time, it should be said that the problems of the US banking sector had a positive impact on the price of Bitcoin. Recall that the cost of Bitcoin increased by at least 35% against the backdrop of problems with US banks.
bitcoin chart
Bitcoin shows growth
While the price of Bitcoin is showing growth, and was able to increase more than 35%, Glassnode analysts reported this. According to analysts, the volume of transactions in the Bitcoin blockchain has grown to 309,500 units. This is the largest figure since April 2021. This may indicate that the price of Bitcoin is preparing for a new rally.
What impact will the Fed meeting have on Bitcoin? We can draw an interesting conclusion – a new rate hike does not really matter. And neither for risky assets nor for inflation.
It can be assumed that the next Fed decision will be largely ignored by the cryptocurrency market. Earlier on-chain indicators showed that the deep bear market had come to an end. MVRV Momentum moved into positive territory, signaling that a significant portion of the coins were purchased below the current price. Now most investors are back in profit. Similar shifts in the past tended to correlate with an increase in online activity.
Bitcoin news and forecast in the short term
Bitcoin news and forecast in the short term
The forecast for Bitcoin is as follows: most likely, the price of Bitcoin will not be able to overcome the $30,000 threshold, as some analysts believe. At the same time, one should not expect a significant decrease in the value of the asset. It can be predicted that the value of Bitcoin will be between $27,000 and $29,000 in the short term. However, one cannot exclude the emergence of unexpected events in the cryptocurrency market, which can lead to increased volatility.
As a result, it can be emphasized once again that the banking crisis in the United States had a positive impact on the cryptocurrency market as a whole, and not just on Bitcoin. Investors and traders have seen that the US banking system is not as strong as it seems. By comparison, Bitcoin looks like a model of stability, at least for now.
Author: Vadim Gruzdev, analyst Freedman Сlub Crypto News
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