Bitcoin (BTC) has once again breached $60,000, reaching $60,400 at the time of writing. While the news is bullish for altcoins, we have previously witnessed similar moves that quickly reversed ahead of the Fed’s rate decision. What do the experts say? Will Bitcoin’s rally continue?
Cryptocurrency is on the rise
The rise in BTC prices led altcoins to rise by 3%. Assets such as DOGE, ETH, and SHIB turned green again. Expectations of a 50 basis point rate cut by the Federal Reserve are causing short-term volatility. Predictions on the three-year interest rate roadmap to be announced on Wednesday will be crucial for medium-term performance. The S&P 500 hit a new all-time high of 5,699 points today.
For the leading cryptocurrency, the key level to watch is $61,700, and if there is a close above this level, bulls may target $63,000. Investors should remain vigilant as selling pressure from the U.S. market peak could reverse the cryptocurrency’s trend.
An analyst going by the handle AskCryptoWealth shared the above chart, highlighting the risk of volatility in the near term. The analyst’s target is $66,342, hoping that the rally will accelerate past that point.
Economists are watching for information about the health of the U.S. economy ahead of an upcoming interest rate decision on Wednesday.
