“I would like to be remembered, if I am remembered at all, as being a catalyst for change in the world, change for good.” - Rupert Murdoch
Bitcoin's price has continued to fall below the $29.2k support level. Bitcoin even traded below the $29k mark. A low has been created near $28.88k, and the price is presently attempting to rebound. The Relative Strength Index (RSI) falls below the neutral zone and approaches the oversold region.
The market is awaiting to the decision on the hike rates, even if it’s almost guaranteed an increased of 25bps. This makes the net selling pressure minimal, with BTC price remaining in the range. The outcome may not break the range, but could bring volatility back for a potential breakthrough in the future.
The US Federal Reserve is expected to hike interest rates by another 25 basis points at its meeting today, with a 98% probability of another quarter-point increase. Treasury yields and oil prices are decreasing, and the US dollar index (DXY) is approaching 101, predicting additional pressure for gains in BTC and altcoins.
Crypto market have proven to have priced the most recent macroeconomic releases. BTC recently traded at $29.1k, down more than 3% in the previous 24 hours. It will need a new spark to pique the interest of traders.
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