The post Bitcoin Price Today: Will BTC Price Rally Above $61K Post-FOMC Meeting? appeared first on Coinpedia Fintech News
Bitcoin (BTC) price is on the precipice of major volatility in the near term after consolidating in the past seven months. Despite the daily death cross between the 50 and 200 Moving Averages (MA), the flagship coin has held above crucial support levels in the recent past.
The unstable geopolitical environment in the Middle East and between the BRICS movement and NATO has been a major turning point in the mainstream adoption of Bitcoin and digital assets. More institutional investors – led by Metaplanet Inc. and MicroStrategy – are adopting Bitcoin to hedge against global fiat inflation.
Additionally, the ongoing shift in macro economic outlook, catalyzed by the recent Fed rate cut, has stirred more activity in major assets led by precious metals and cryptocurrencies.
Dormant Whales Activity Signals Bitcoin Breakout
Referring to the Tuesday whale transaction highlighted by @lookonchain, our own metrics indicate a major spike in dormant activity on Bitcoin's network to pair with $37.4B in on-chain volume Tuesday, the most in 7 months. Historically, stagnant BTC moving back into regular… https://t.co/l0K5Df2FAM pic.twitter.com/iMnywyx1hs
— Santiment (@santimentfeed) October 9, 2024
According to on-chain data analysis provided by Santiment, the Bitcoin network registered the highest dormant activity in seven months on Tuesday, which coincided with the notable rise in trading volume to about $37 billion.
Ideally, Santiment believes a spike in dormant activity is an indication of an imminent Bitcoin price breakout.
For instance, a giant whale that has been inactive for the past six months accumulated more than $60M worth of Bitcoins in the past 24 hours.
Worth noting that the stablecoins inflow to crypto exchanges remains above the annual average, of over $46 billion, thus suggesting rising purchasing power.
What Next?
#Bitcoin is still consolidating.I expect a test to happen at $61.5K after FOMC minutes are released.From there, the reversal back up towards $65K and a breakout towards an all-time high. pic.twitter.com/SlUMq4wLWB
— Michaël van de Poppe (@CryptoMichNL) October 9, 2024
Ahead of the FOMC meeting minutes, crypto analyst Michaeël van de Poppe is of the opinion that Bitcoin price will retrace to the support level above $61k before rebounding towards its all-time high.
Currently, Bitcoin price continues to hover between the 50 and the 200-day MAs, suggesting midterm market uncertainty. Moreover, Bitcoin’s fear and greed index hovered around 49 percent, suggesting neutrality from the crowd.
Meanwhile, the highlights of this quarter will be the US elections next month, with the crypto space largely supporting the election of Republican Presidential candidate Donald Trump in a bid to eject SEC Chair Gary Gensler from office by January.
