Investors are increasingly concerned about the upcoming Fed meeting based on recent data. Price is moving sideways. Last weekend, Bitcoin price, which was stuck in the $500 range, showed a similar pattern on Saturday. With cautious investors still prevailing, the current situation is not surprising.
🔸 Latest Status of Bitcoin (BTC)
Bitcoin prices fluctuate between $69,582 and $69,139, showing how risk-averse investors are. Trading volumes have weakened and Nonfarm Payrolls data released on Friday was not encouraging. The Fed will hold a meeting in the coming days and announce its interest rate decision. They are expected to decide to maintain this position, which is firmly accepted by the market.
The problem is that the possibility of at least one rate cut before December has been eliminated with this data. Given the uncertainty, estimates for an average year-end cut of 75 basis points by members by early 2024 were also dashed.
If BTC price loses the $68,500 level, it could witness a deeper correction towards the $66,900 level. Below that level, larger corrections will open the door and good days will not come for investors. Currently, BTC, testing the bottom of its tight range, could see more selling in the coming hours and days due to concerns about the Fed meeting. The $68,500 level will be an important warning zone for downside risks.
🔸 Latest Status of Cryptocurrencies
Over the past 24 hours, total cryptocurrency trading volume has dropped to $53 billion. The 50% drop in volume reflects a lack of investor interest. Furthermore, Bitcoin's market dominance has increased to 54%. The total market value of cryptocurrencies has dropped to $2.53 trillion. All this data tells us that we may see more information as the Fed meeting approaches.
The coins that lost the most during the week were TIA, BEAM, LDO, CHZ, FET, AR, PEPE, AGOX and SNX Coin. They were losing almost 20% every week.
