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Bitcoin Under Pressure Ahead of Fed Meeting, Analysts Predict Short-Term Dip

Bitcoin Under Pressure Ahead of Fed Meeting, Analysts Predict Short-Term Dip

Bitcoin (BTC) price dipped below $60,000 this week as investors brace for the Federal Open Market Committee (FOMC) meeting tomorrow. The Fed is widely expected to maintain current interest rates, but the overall economic climate is causing uncertainty in the crypto market.


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Bitcoin Price Prediction

Micahël van de Poppe, a prominent crypto analyst, predicts a potential short-term dip for Bitcoin, possibly reaching $55,000-$58,000 before a rebound.

Market Factors Weigh on Bitcoin

  • Stagflation risks: The US grapples with inflation and slowing economic growth, creating a cautious market environment.
  • Fed meeting: Investors are awaiting the FOMC’s decision on interest rates, which could impact riskier assets like Bitcoin.
  • Slowdown in Bitcoin ETF inflows: Recent inflows into Bitcoin ETFs have slowed, indicating a potential shift in investor sentiment.

Coinbase Integrates Lightning Network

Coinbase, a major US crypto exchange, has integrated the Lightning Network for faster and cheaper Bitcoin transactions. This could increase Bitcoin’s usability.

Bitcoin Price Movement

Bitcoin’s price has been volatile this week, dropping below $62,000 and struggling to regain momentum. A break above $62,000 could signal a potential rise towards $64,000.

Conversely, a drop below $59,500 could lead to further losses towards $58,000 or even $56,400.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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