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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Oct 30, 2023 09:26 UTC
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Bitcoin Bulls Eye $35,000 as FOMC Meeting Approaches
Bitcoin and other digital assets are on an upward journey, driven by optimism and FOMO.
The upcoming FOMC meeting is expected to play a crucial role in shaping Bitcoin's next moves.
Bitcoin faces immediate resistance around the $34,700 mark, with a successful breakthrough paving the way for a rally towards $35,100.
The cryptocurrency community is buzzing with excitement as Bitcoin and other digital assets continue their impressive upward journey, driven by optimism and the Fear of Missing Out (FOMO).
All eyes are glued to significant events unfolding this week, with hopes of witnessing more price surges.
Here’s everything you need to know!
U.S. Federal Open Market Committee Meeting: A Decisive Moment
One of the most critical upcoming events is the U.S. Federal Open Market Committee (FOMC) meeting scheduled for October 31 and November 1. This committee faces a pivotal decision: whether to maintain the current interest rates, signaling a ‘pause,’ or if there’s a need for another increase.
Recent data from the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) suggest a decrease in inflationary pressures. The CME FedWatch Tool indicates a staggering 96.2% likelihood that the Federal Reserve will keep interest rates steady, thanks to the annual Core PCE, a key inflation gauge for the Fed, dropping to 3.7%.
Also Read: US FOMC Meeting: Powell Speech and BTC Price Are Creating a FUD in Market? What Next?
Bitcoin’s Rise to the Top: It Won’t Be Easy!
Turning our attention to Bitcoin, we see a positive path as it surpasses the $34,400 resistance level and sets its sights on the $35,000 resistance zone. However, there are signs of waning momentum. The cryptocurrency reached a peak of $35,008 but struggled to maintain the upward trend, experiencing a minor pullback.
Looking forward, Bitcoin faces immediate resistance around the $34,700 mark. A successful breakthrough could pave the way for the next significant resistance at $35,100 or the upper trend line of the current channel. The critical challenge of breaching the $35,000 zone remains on the horizon for a more substantial rally.
If Bitcoin encounters difficulties surpassing the $34,700 resistance zone, a downward correction may follow. As traders and investors vigilantly monitor these pivotal levels, the upcoming FOMC meeting is sure to play a crucial role in shaping Bitcoin’s next moves.
Bitcoin’s Current Value
As of the time of writing, Bitcoin (BTC) is valued at $34,482.
What are your predictions for Bitcoin in the coming weeks and months? Let us know.
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