Investors are increasingly concerned about the upcoming Fed meeting in light of recent data. Prices are moving sideways. Last weekend, the Bitcoin price, which was stuck in a $500 range, showed a similar pattern on Saturday. With cautious investors still dominant, the current situation is not surprising.
Bitcoin (BTC) Latest Status
Bitcoin price fluctuates between $69,582 and $69,139, showing how much investors are avoiding risk. Volumes have weakened, and the Non-Farm Payroll data released on Friday was discouraging. The Fed will hold its meeting in the coming days and announce its interest rate decision. They are expected to decide to keep it unchanged, a view that is firmly accepted by the market.
The problem is that the possibility of at least one rate cut before December has been eliminated with this data. With the uncertainty, the members’ average year-end cut estimate of 75 basis points at the beginning of 2024 has also been dashed.
If the BTC price loses the $68,500 level, it could see a deeper correction towards $66,900. Below that, larger corrections will open the door, and good days will not come for investors. For now, BTC, testing the bottom of the narrow range, may see more sales in the coming hours and days due to the fear of the Fed meeting. The $68,500 level will be an important alarm zone for downward risks.
Latest Status of Cryptocurrencies
In the last 24 hours, the total trading volume in cryptocurrencies has dropped to $53 billion. The 50% drop in volume reflects the lack of investor interest. Moreover, Bitcoin’s market dominance has risen to 54%. The total market value of cryptocurrencies has fallen to $2.53 trillion. All this data tells us that we could see more as the Fed meeting approaches.
The biggest losers of the week were TIA, BEAM, LDO, CHZ, FET, AR, PEPE, AGOX, and SNX Coin. They experienced losses of nearly 20% on a weekly basis. Sales in meme coins were faster, and in the last 24 hours, PEPE Coin alone lost 8% in value.
