Big Week for Market in Bitcoin Rally; Fed Decision Awaited
While cryptocurrency investors await another Bitcoin (BTC) rally, all eyes are on the US Federal Reserve's (Fed) FOMC meeting.
Positive sentiment and FOMO have pushed Bitcoin and altcoin prices to a one-year high. Crypto traders are focusing on this week's key events for another rally. After CPI and PCE data show that inflation has cooled, the US Federal Open Market Committee (FOMC) will decide whether further interest rate hikes are necessary or whether a new pause will be taken.
All eyes are on the US Federal Reserve's FOMC Meeting on October 31 and November 1. At the meeting, the committee will decide on a dovish or hawkish approach. The Fed's interest rate decision will be announced on Wednesday, November 1 at 21:00. Following this, Fed Chairman Jerome Powell will make a press statement at 21:30. The CME FedWatch Tool puts the probability of the Fed keeping interest rates steady at 96.2% as annual inflation declines to 3.7%. Investors remain confident that interest rate hikes may be paused at the upcoming FOMC meeting. However, following the latest speeches of Fed officials, the possibility of an interest rate increase at the December 13 meeting is quite high. Fed Chairman Jerome Powell also signaled an interest rate increase at the end of the year. While the tightness in the labor market continues, incoming data remains important for the
Julio Monero, head of research at CryptoQuant, said that the rally may pause after the recent rise in Bitcoin prices, pointing out two important developments in the chain. Month-end sentiment and the Fed's interest rate decision cause investors to stay away from the market. #BTC price continues to move in a certain range after the rise. The price is currently trading at $34,616. The 24-hour low and high are $34,114 and $34,846 respectively. Finally, transaction volume increased by 35% in the last 24 hours.
$BTC $ETH $USDC
