The leading cryptocurrency, Bitcoin (BTC), started this week on an uptrend, but turned down again ahead of the Fed’s interest rate decision.
At the moment, market sentiment remains cautious, and all eyes are on whether Bitcoin will rise after the FED’s decision.
FOMC data suggests a fall in Bitcoin!
Crypto analyst Ali Martinez conducted an analysis on this topic and found that Bitcoin has declined six times since the seven FOMC meetings held this year.
“Out of seven FOMC meetings this year, only one saw Bitcoin rally,” the analyst said.
According to data shared by the analyst, Bitcoin has only risen during one FOMC meeting this year, rising 15% after the May 7th FOMC meeting.
The largest declines were in January (-29%), October (-19%), and March (-12%), respectively.
Based on this data, analysts warned that if there is no bullish catalyst after tomorrow’s FOMC meeting, they should keep an eye on a possible correction.
Bitcoin’s rise is not yet clear!
Analyst firm Matrixport is taking a cautious stance as the FOMC meeting approaches.
Matrixport said that while Bitcoin is showing strength in the short term, the uncertainty ahead of the FOMC meeting has not yet been resolved.
At the moment, he said, “The December 10th FOMC meeting is very close, and the overall market uncertainty has not yet been resolved. Bitcoin prices have shown temporary stability, but it is still very difficult to say that this is a new bullish phase.”
The analyst firm also noted that the end of the year is typically a time for deleveraging and position reduction, and any short-term recovery should be interpreted as a position reduction opportunity rather than a buy signal.
Finally, analysts said that Bitcoin uncertainty continues, setting the current near-term critical level in a bull/bear situation at $91,500.
*This is not investment advice.
