Bitcoin Price Prediction as US FED Interest Rate Decision is Announced – Time to Buy?
The Federal Reserve's decision to keep interest rates unchanged and their projection of potential rate hikes later this year have significant implications for the financial markets.
As the US central bank responds to a stronger-than-expected economy and a slower decline in inflation, investors are closely monitoring the impact on various asset classes, including Bitcoin.
With the uncertainty surrounding interest rates, many question whether now is the right time to invest in Bitcoin.
In this Bitcoin price prediction, we will analyze the potential price movement of Bitcoin in light of the US FED interest rate decision and provide insights for investors looking to capitalize on the market dynamics.
Federal Reserve Holds Interest Rates Steady, Anticipates Future Rate Hikes
The Federal Reserve's Federal Open Market Committee (FOMC) refrained from raising interest rates at its latest meeting, breaking a streak of 10 consecutive increases.
However, the committee's projection indicates that two quarter-point rate hikes may be implemented before the end of the year.
Fed Chair Jerome Powell emphasized the need to assess the impacts of previous tightening measures and the ongoing battle against inflation.
The market initially reacted with pressure on stocks but regained ground due to optimistic remarks on inflation.
This "hawkish pause" allows the committee to gather more information before determining its future monetary policy.
The dot plot revealed a median expectation of a 5.6% funds rate by the end of 2023, implying two more hikes this year.
The Fed's next meeting is scheduled for July 25-26, and further economic reports will play a crucial role in shaping future policy decisions.
Bitcoin Price Prediction
The current price of Bitcoin is $25,246, and it has a trading volume of $11.7 billion in the last 24 hours.
Bitcoin has experienced a 3% decrease during this period. It holds the top position in the CoinMarketCap ranking, with a market capitalization of $489 billion.
The circulating supply of Bitcoin is 19,402,250 BTC coins, with a maximum supply of 21,000,000 BTC coins.
The BTC/USD pair continues to decline, breaking below the double-bottom support level of $25,650.
The formation of a bearish engulfing candle suggests the possibility of continuing the selling trend in BTC.
On the downside, Bitcoin has immediate support at around $24,350.
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