What is Bitcoin's next move?
As the Fed's interest rate decision will be announced today, volatility in the markets is expected to be high. Bitcoin finds buyers at $ 28200 per day.
After the steps taken to solve the banking crises in the USA and Europe, the recovery in the global markets continued yesterday as the concerns eased. There were positive closes in the US stock markets yesterday. While the crypto market left behind a relatively positive day, in the morning of the new day, Bitcoin finds buyers at $ 28200 and Ethereum at $ 1790 above $ 1720, which is the important support level. Looking at the futures indices in the morning, a mixed outlook prevails, while it can be said that there is a parallel activity in cryptos. The total value of the crypto market is moving at the level of $ 1.15 trillion, above the psychological resistance of $ 1 trillion, with the rises that came yesterday. Bitcoin's dominance is 47.2%, while Ethereum's dominance is 19.0%.
How will Bitcoin move from now on?
Today, the Fed rate decision, which the markets are looking forward to, will be announced at 21:00 CEST. In its last meeting, the Fed had increased the policy rate by 25 bps to the 4.50%-4.75% band. Uncertainties have increased with the recent banking crises, but still, the expectation of an interest rate hike came to the fore as an 87% increase of 25bps in the morning hours. With the interest rate decision, the Fed will also publish its macro projections. Finally, after the Fed's interest rate decision, at 21:30 CET, eyes will be turned to Powell's speech and his messages will be followed. It is expected to be a day with high volatility in the markets.
