An analysis of the bitcoin pricing shows that customers are in a competitive position. The session high was $24,448.40, which saw price rise after an earlier weak opening. But it quickly reversed direction and tested the pivotal 21-day exponential moving Average, which is where it currently rests.
Market action suggests that bulls may be losing steam at higher levels, and the bears might just need to correct further. The largest cryptocurrency’s 24-hour trading volume is $30,603,898,759, up more than 7%. The BTC/USD currently stands at $23,422.79 with a 1.85% daily decrease.
BTC/USD Trades on $23k TradingView
As BTC falls below $23,500, the greater the selling pressure is.
FOMC Meets to Decide Bitcoin Price
TradingView Data showed that the BTC/USD rate fell by over 2% each day to $23,325.
Just hours before minutes were due to be released by the Federal Open Markets Committee, (FOMC), the pair began to show signs of weakness. As trading started in US stocks, they fell further.
Despite not having a rate decision, the meeting was timed to reveal the Fed’s perspective on the upcoming rate adjustment scheduled in September.
Michaël van de Poppe summarizedIn his most recent Twitter update:
“The important event tonight with the FOMC minutes, through which information can be received whether the FED is going to be hawkish or dovish. I don’t think it will have a massive impact, however, crypto tends to give it a ton of value and, therefore, lots of volatility.”
Marcus Sotiriou from GlobalBlock’s UK-based analyst believes that the FOMC minutes will provide a more complete picture later in Wednesday.
“Bitcoin’s volatility has fallen over the past week or so, yet sellers have been dominant, as there is uncertainty around FOMC minutes being released this evening. The minutes will give an indication of the Federal Reserve’s stance and when they may begin to slow the pace of rate hikes.”
Although the US Federal Reserve increased interest rates by 0.75 percent, month-over-month inflation figures were less than expected. Can the FOMC’s remarks boost Bitcoin (BTC) and the larger crypto market at the right time?
According to Sotiriou’s note to clients:
“According to technical analysis, Bitcoin will face a significant test in the coming days because the 200 weekly moving average, which is currently at around $23,000, is just below the current price of $23,700. If this level cannot be maintained, it will imply that there will be additional downside in the coming weeks and that the market’s reversal may be delayed.”
Another crypto analyst and trader @EtherNasyonaL, however, believes the opposite – that Bitcoin is currently in a historic purchasing zone. An analyst believes that now is the right time to invest Bitcoin as the asset’s value is likely to rise in the future.
Featured image taken from Getty images and charts by TradingView.com