Bitcoin Price Prediction and Potential Breakout; Eyes on FOMC and Fed Rate
The most prominent cryptocurrency, Bitcoin, is currently being closely monitored for potential price predictions and breakout opportunities.
Traders and investors are eagerly awaiting the upcoming Federal Open Market Committee (FOMC) meeting and Fed Rate announcement, as these events have the potential to impact the cryptocurrency market significantly.
The decisions and statements made by the FOMC regarding monetary policy and interest rates can profoundly affect the direction and volatility of Bitcoin and Ethereum.
As market participants anticipate these crucial updates, the focus remains on predicting the future price movements and potential breakouts for both cryptocurrencies.
Following the release of the May Consumer Price Index (CPI) on Tuesday, Bitcoin experienced a momentary boost as inflation showed signs of decline.
The leading cryptocurrency, with the highest market capitalization, was trading at $26,008, representing a less than 0.50% decrease in the hour following the US Bureau of Labor Statistics announcement.
The CPI revealed a 4% increase, which was slightly better than the anticipated 4.1% and lower than April's 4.9%.
While the US economy and Bitcoin are both doing well today, any hiccup caused by tomorrow's interest rate decision or the impending recession in the US is likely to be favorable for crypto assets.
Many people believe that the Federal Reserve won't raise interest rates this month, but many experts and economists think that the Fed will keep this pause in place for the full year 2023.
Given that the 2024 US presidential election campaign is about to begin, the Central Bank must change its focus from lowering inflation to preventing a recession.
We think this is a feasible objective with interest
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