βThe stock market is a device to transfer money from the impatient to the patient.β - Warren Buffett
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The market has calmed down as BTC continues to battle around its resistance level, with the coin consistently unable to break out of $35k and the bulls failing to hold the price. The price's sideways pattern indicates that we have entered a reaccumulating phase, and the price will likely make another jump soon.
The market is bracing for turmoil as the next FOMC meeting is planned for today. Price may decline and retest its support level at $33k shortly, but the upper goal remains at $36.5k - $37k.
Policymakers at the Fed have signaled that the recent rally in Treasury yields could factor into their decision, given the tightening effect higher yields have on the markets. With a 99% probability of rates holding steady, according to the CME FedWatch Tool, traders are zeroing in on Powellβs tone and commentary.
Stocks traded in the green ahead of Wednesdayβs announcement, with the S&P, Dow, and Nasdaq recording gains of 0.65%, 0.38%, and 0.48% at the closing bell. Taking the most likely scenario, a pause and no hikes, so we expect we see a $36k hit on this data following a fake out down first.
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