💢HOW WILL THE "FOMC "DECISION EFFECT BITCOIN AND ALTCOIN PRICES❓❓❓💦
👉Market Activity:
Bitcoin and altcoins, like Ethereum, XRP, and Solana, traded within a tight range as the market eagerly awaited the Federal Reserve's first interest rate decision of the year. Bitcoin hovered around $102,000, while popular altcoins saw modest declines, with some smaller assets, like DeXe and Raydium, experiencing double-digit drops.
👉Fed Rate Decision:
Economists, including Mohamed El-Erian, expect the Federal Reserve to leave interest rates unchanged at 4.50%. A rate pause isn’t surprising, given prior hints from the Fed, especially following a slight rate cut in December.
👉Impact on Crypto:
Although a pause in rates likely won’t move crypto prices much, Jerome Powell’s upcoming comments will be key. The Fed is expected to maintain its cautious stance on inflation, especially after recent inflation data showed a slight uptick, staying above the Fed’s 2% target.
👉Bitcoin’s Risky Pattern:
Bitcoin’s chart shows potential for a decline. It has formed a double-top pattern at $108,180 with a neckline at $88,913, which could trigger a bearish breakout. Coupled with other negative indicators, Bitcoin may face a drop, potentially impacting altcoins like Ethereum and Solana.
👉What’s Next for Crypto:
If Bitcoin drops as expected, it could drag altcoins down with it. However, a strong surge could reverse the trend, especially for smaller altcoins that often follow Bitcoin’s lead. Investors are watching closely for Powell’s statement to gauge future market direction.
$ETH $XRP $SOL #FOMCForecast #FOMC_Decision #Fed #fomc.