"Investors must not wait for the FOMC, but are afraid to move horizontally."
The Federal Open Market Committee (FOMC) meetings scheduled for October 31 and November 1, 2023 may have a small impact on the price of the cryptocurrency Bitcoin (BTC) including stocks.
However, the speech from Federal Reserve (Fed) Chairman Jerome Powell regarding the economic outlook of the United States (US) is also one of the important indicators in determining whether the crypto market will go up or down.
There is no denying that investors and traders are currently confident that the Fed will stop raising interest rates during the FOMC, but there is a possibility that the US central bank will raise rates at its next meeting on December 3, 2023.
Officials in several recent Fed meetings have kept crypto markets unaffected even as the monetary policy stance appears to be weakening.
Even so, Powell warned that the majority of Fed officials intend to raise interest rates further if necessary while weighing data on inflation and unemployment.
As there is a 19.8% probability that the Fed will raise interest rates by 0.25% from its current range, Powell's speech may cause BTC price reactions including the Nasdaq Index and the S&P 500 to kick off.
Through observation, the chance of BTC price increase can be stopped if we see important developments in the on-chain such as profit booking* by short-term BTC holders plus if the digital asset fails to break through the resistance zone at $35,000.
*Make short term trading or long term investment profitable in minimum time with maximum profit
As of this writing, the price of BTC jumped by 1.22% to $34,495 in the last 24 hours with a market cap of $673 billion and recorded a 14.60% climb over the last week.
