Bitcoin (BTC) is in a downtrend, but crypto investors are hopeful!
Bitcoin surprised investors by starting the week with a decline, and the Fed's statements about interest rate cuts did not trigger an increase.
Bitcoin started the week at $63,000 and the selling pressure is not over yet. Despite US Federal Reserve (Fed) Chairman Jerome Powell signaling that interest rate cuts will continue, the leading cryptocurrency failed to rise.
According to TradingView data, BTC fell by about 4 percent in a short time, from $65,634 to $63,049, and was trading at $63,550 at the time of writing. Despite Bitcoin's downtrend, the relatively robust altcoin market has reassured investors.
Powell's statements come less than two weeks after the Federal Open Market Committee (FOMC) cut interest rates by 50 basis points for the first time since March 2020.
Futures market forecasts suggest the Fed is more likely to be cautious and approve a quarter-point cut at its next meeting in November. However, investors see the December move as more aggressive. Data from CME Groupâs FedWatch Tool shows a roughly 48% chance of a 0.5% rate cut at the FOMC meeting on December 18.
Powellâs key statements include:
âI think the Fed is doing the right thing by keeping interest rates steady for an extended period of time. Economic conditions are leading to more inflation. The risks to inflation and employment goals are roughly balanced.â
Although Powell did not make any statements that would cause cryptocurrencies to fall, the market was still negative. As Powellâs speech time approached, the $BTC , which was further suppressed, tested $63,000. The cryptocurrency flagship has seen a slight recovery but has yet to recover from the heavy sell-off.
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