Investors are concerned about the upcoming Fed meeting

Given recent data, investors are increasingly concerned about the upcoming Fed meeting. Prices are currently trading sideways. Bitcoin prices were hovering in the $500 range at the end of last week and followed a similar trend on Saturday. This is not surprising given that cautious investors are still in the driver's seat.

🔸 Bitcoin (BTC) Latest Status

Bitcoin prices fluctuated between $69,582 and $69,139, showing that investors are avoiding risk. Volumes have weakened and Friday's non-farm payrolls data was disappointing. The Fed will meet in the coming days and announce its interest rate decision. It is expected that it will decide to keep rates unchanged, a view that has been firmly accepted by the market. The problem is that these data have eliminated the possibility of at least one rate cut before December. Due to uncertainty, the average year-end forecast of members for a 75 basis point rate cut in early 2024 has also vanished.

If BTC price falls below the $68,500 level, it may further pull back to $66,900. After falling below this level, a larger correction will begin, and good times for investors may not come. At present, BTC, which is testing the bottom of a narrow range due to concerns about the Fed meeting, may see more selling in the coming hours and days. The $68,500 level will become an important warning area for downside risks.

🔸 Latest status of cryptocurrencies

In the past 24 hours, the total trading volume of cryptocurrencies has dropped to $53 billion. The 50% drop in trading volume reflects the lack of investor interest. In addition, Bitcoin's market dominance has increased to 54%. The total market value of cryptocurrencies has fallen to $2.53 trillion. All of these data indicate that we may see more as the Fed meeting approaches. The most significant declines this week are TIA, BEAM, LDO, CHZ, FET, AR, PEPE, AGOX, and SNX Coin, which have lost nearly 20% on a weekly basis. #现货以太坊ETF获美SEC批准 #meme板块关注热点 #BTC走势分析 $BTC $ETH