$BTC Latest Update!?
Today is Wednesday. Today is “rate cut day”.
At 6pm UTC, Jerome Powell (Fed Chair) will announce the Fed’s decision. Currently, the market is swinging between a 25bps and 50bps rate cut.
As mentioned, I like (and recommend) staying on the sidelines on such days. The moves can be wild and unpredictable. However, I will analyze the decision and give you a full review in tomorrow’s edition.
Bitcoin tried to break out yesterday but was met with a clear rejection at 61k.
Currently, it is hovering just above $60k. However, all eyes are on the important Fed meeting tonight and the expected rate cut decision.
With such a high-impact event, we can expect a significant increase in trading volume and a spike in volatility. As mentioned, it is almost impossible to predict the direction of this move as it will depend on a variety of factors from the Fed's commentary.
With this uncertainty, it is a good day to be cautious. If you are trading, avoiding leverage may be wise and the best strategy is to stay on the sidelines.
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