Bitcoin plunges 3%, global investors nervously wait, Fed decision is imminent! !
With the Fed's interest rate decision and key U.S. inflation data about to be released, the global market atmosphere is tense. For Bitcoin investors, they have special reasons to be highly alert to the upcoming market volatility.
On Tuesday, the price of Bitcoin plunged 3% to its lowest point in a week, hovering around $67,000. Although Bitcoin hit a record high of $73,798 in mid-March due to a large influx of funds into spot Bitcoin ETFs, it has failed to break this record again in the past three months.
Market analyst Tony Sycamore said: "Bitcoin's lack of upward momentum in recent weeks is worrying because despite a large influx of funds into ETFs, the market direction has not changed. The next 36 hours will be crucial."
Since its launch in January, spot Bitcoin ETFs have had a net inflow of $15.6 billion. However, according to foreign media data, these products outflowed $65 million on Monday, ending 19 consecutive days of net inflows.
Inflation data expected on Wednesday could show price pressures still well outside the Fed's comfort zone. Investors who bet on aggressive Fed rate cuts earlier this year are now debating whether the central bank will ease monetary policy slightly in the future.
For speculative assets like Bitcoin, "higher" borrowing costs for a longer period of time can be a challenging prospect. Since the beginning of 2023, as Bitcoin rebounded from a deep bear market, its price has more than tripled.
Katie Stockton, a technical analyst at Fairlead Strategies LLC, said in a research report that from a technical perspective, Bitcoin's short-term momentum is "neutral," while adding that its long-term outlook is more optimistic. #NOT🔥🔥🔥
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