BTC Strong Break Into the Week
Crypto Compass 56
BTC price stability is improving daily, aided by trader’s and investor’s resolve to hold while avoiding short-term speculation. On Monday, the price jumped 1.7% to $27.1k as bulls took advantage of improved market sentiment.
BTC will likely have a long-term sustainable positive outlook if the momentum indicator rises further. The least resistance route is upward, and BTC price is preparing to face the more difficult resistance at $28k as investors expand their bullish outlook beyond $30k.
The backdrop for the latest FOMC meeting is mixed, with last week's macro data showing inflation above forecasts, but markets think the Fed will not hike interest rates further to compensate. The likelihood of interest rates remaining stable is practically universal.
If history is any guide, Wednesday's decision may generate volatility in risk assets such as BTC. Expect a lot of volatility this week as the Fed's guidance sets the tone for the subsequent sessions.
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