Investors are increasingly concerned about the upcoming Fed meeting in light of recent data. Prices are moving sideways. Last weekend, Bitcoin‘s price, stuck in a $500 range, showed a similar pattern on Saturday. With cautious investors still dominant, the current situation is not surprising.
Bitcoin (BTC) Current Status
Bitcoin’s price fluctuates between $69,582 and $69,139, showing how risk-averse investors are. Volumes have weakened, and Friday’s Non-Farm Payroll data 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 widely 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 75bp year-end cut forecast by members for early 2024 has also been dashed.
If BTC’s price loses the $68,500 level, a deeper correction towards $66,900 could occur. Below this, larger corrections will open up, and good days won’t come for investors. For now, BTC is testing the bottom of the narrow range and may see more selling in the coming hours and days due to fear of the Fed meeting. The $68,500 level will be an important alarm zone for downside risks.
Current Status of Cryptocurrencies
In the last 24 hours, the total trading volume of cryptocurrencies has dropped to $53 billion. The 50% drop in volume reflects weak 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 suggests we might see more as the Fed meeting approaches.
This week’s biggest losers were TIA, BEAM, LDO, CHZ, FET, AR, PEPE, AGOX, and SNX Coin. They experienced losses of nearly 20% weekly. Sales in meme coins were faster, and in the last 24 hours, PEPE Coin alone lost 8% of its value.
