"Hmmm, do you think the price of BTC will go up or down during the FOMC later?"
The mother of all cryptocurrencies Bitcoin (BTC) seems to be still hovering below $30,000, but the Federal Reserve (Fed) which is set to announce interest rate decisions next week could cause the price to see volatile movements.
If you remember during the last Federal Open Market Committee (FOMC) meeting, the Fed reportedly intends to implement two interest rate hikes by the end of this year.
There is no denying that the release of the Consumer Price Index (CPI) data previously did not affect the crypto market, but the interest rate decision that will take place on July 26, 2023 is expected to trigger drastic volatility momentum.
While a rise in interest rates may put short-term selling pressure on riskier assets, the move is also expected to push the price of BTC higher after many experts believe the July rally is the last.
Through observation, BTC may slip up to $27,330 or $26,767 which is the level where the main accumulation for long term holders while for the short term the price is at $28,138.
However, if the macroeconomic outlook improves, then the price of BTC has the potential to bounce back to break through $35,000 to $41,000.
However, it should be noted that investor confidence in BTC will further decline if the price plunges to $25,000 following the digital asset's ability to plunge further below $21,313.
As of this writing, BTC price has slipped by 0.45% to $29,876 in the last 24 hours with a market cap of $580 billion and has recorded a 4.89% decline over the past week.
