Benzinga - Bitcoin (CRYPTO: BTC) appears to be holding the $26,500 level as market conditions return to a state of relative calm.
What Happened: Traders and investors are now eagerly anticipating the outcome of the upcoming Federal Reserve’s Federal Open Market Committee (FOMC) meeting, slated for September 20.
The FOMC meeting holds great significance for the market, as it will determine benchmark interest rates. Market sentiment indicates a widespread expectation for rates to remain unchanged.
According to CME Group’s FedWatch Tool, the chance of an unexpected outcome is currently estimated at just 2%.
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Why It Matters: Analysts anticipate that Bitcoin’s behavior will align with the status quo during the FOMC meeting.
Pseudonymous analyst and trader Crypto Santa weighed in on the situation. The analyst predicts BTC will remain in a relatively stagnant and sideways market in the near future. However, the upcoming FOMC and Interest Rate decisions may bring some volatility. "BTC will likely continue to trade within $25k – $27k in the short-term…"
$BTCMarket pretty boring and sideways for the most part tbh…
Next weeks FOMC and Interest Rate decisions should induce some volatility, but #BTC will likely continue to trade within $25k – $27k in the short-term…