With the expected Fed rate cuts approaching, market has been performing rather cautiously. Unless we see a convincing breakout above 62k in the coming few days until the rate cuts (if any) are announced on the 18th September, we should not be expecting any big pumps in the near future.
Considering many are expecting 0.25% rate cut and with many more expecting 0.5%, the cautious approach by the market players seems rather driven by concerns about recession and slowing down of the US and the global economy as a whole. Although 0.5% rate cut would be encouraging for many, it would also signal a panic move from the Fed against saving the economy from falling into recession.
I personally am being as cautious and not expecting the market to recover soon unless there is an exceptionally larger than expected rate cut.
Let's not be over optimistic, and let's not fall into another trap, as there do not seem to be many factors encouraging BTC to make another move towards the ATH in the coming few months.
This is not a financial advice, and please do your own research before making any investment in the market. Stay safe and do not FOMO.
