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The crypto space is experiencing significant selling pressure as the beginning of the week failed to inculcate bullish momentum. Even though the weekend remained largely sluggish, a bullish week was expected, but the multiple events lined up in the week may have created fear among the market participants. Hence, they tend to fall into FUD, creating notable selling pressure, and causing the Bitcoin price to trigger a fresh bearish move.
Month on month, the impact of the FOMC meeting and the fresh CPI rates have been impacting the crypto space, specifically Bitcoin, to a large extent. The market participants now look at the FOMC MoM to decide the next action plan. Below are some of the reasons that may create significant volatility in the markets.
FED’s FOMC meeting is expected to be held on Wednesday, where-in they could raise another 25 bps After the FED’s aggressiveness, the European Central Bank (ECB) is expected to be more hawkish in its battle against inflation, which is expected to rise another quarter point.Moreover, the European inflation reports are also set to surface, which may cause another round of volatility on Friday.
So what may be the impact on Bitcoin’s (BTC) price?
The BTC price has already begun to manifest itself as being under bearish pressure as it struggles to hold above $29,000. Although the prices range significantly above the range, the dropping technicals suggest a trap being laid for the bulls. Additionally, the external factors mentioned above may have begun to create additional negative pressure on the asset.
Hence, a popular analyst, Michael van de Poppe, believes that the BTC price may witness a notable drop before the release of the fresh interest rates.
I prefer to see #Bitcoin drop pre-FOMC rather than a pump.
— Michaël van de Poppe (@CryptoMichNL) July 24, 2023
However, bearish clouds continue to prevail over Bitcoin price as the token has lost crucial support at $30,000. Therefore, now it is believed that the price may drop as low as $27,000 where it may attract fresh liquidity for the next price action.
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