After an impressive rally to a daily high of above $61k, Bitcoin’s (BTC) price has since retraced below $60k on Wednesday during the mid-London session. The flagship coin has experienced significant resistance around $61k, possibly requiring a high-impact news event to break.
On the bright side, the crypto market is likely to see increased volatility in the coming days as investors await the FOMC statement and Federal Funds Rate announcement later today. These events are expected to significantly influence market movements.
Interest in gold has soared recently, with 2024 seeing record highs. Investors expecting a Federal Reserve interest rate cut have driven gold prices up, reaching a new all-time high. Since the bullish breakout earlier this year, gold prices have surged more than 25 percent, hitting about $2,588 on Monday, September 16.
With gold and Bitcoin prices often moving in tandem, Bitcoin is expected to approach its all-time high soon.
The cryptocurrency is also forming a potential market reversal pattern on the daily chart, featuring a triple bottom and a rising divergence on the Relative Strength Index (RSI).
As the crypto market prepares for the increased volatility from the upcoming FOMC statement and Federal Funds Rate, on-chain data shows mixed reactions from whale investors.
For instance, on-chain data tracked by Arkham intelligence shows that Ceffu deposited 1.347 Bitcoins, worth over $81 million, to Binance earlier today. The firm has deposited Bitcoins worth nearly $1 billion to Binance in the past three months.
Meanwhile, the US spot Bitcoin ETFs registered a net cash inflow of about $187 million on Tuesday. Interestingly, none of the US spot Bitcoin ETF issuers registered a net cash outflow on Tuesday.
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Will Bitcoin break its all-time high, or will the Fed’s decision send it on a downward spiral? The crypto world is holding its breath.
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