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The US monetary markets turned adverse a day after the Federal Reserve took hawkish stance within the September 2023 Federal Open Market Committee (FOMC). The Dow Jones Industrial Average (DJIA) fell 0.4%, the S&P 500 Index dropped round 0.9%, and the Nasdaq Composite Index suffered a 1% plunge whereas the Bitcoin price took a 2% correction.

Also Read: CZ Clarifies On Rumors Of Binance’s Stablecoin Delisting In Europe

What Is The Local Bottom For BTC?

In the continuing corrective motion, high crypto analysts predict that the cryptocurrency may seemingly recuperate into the bullish part at any level. “We could technically reverse at any time,” mentioned fashionable analyst CrediBULL Crypto, including that the dealer sentiment in the direction of liquidations may resolve the extent of downward threat. The analyst predicted that BTC value at present faces a super draw back threat round $25,500 and additional draw back doable technically slightly below $25,000.

“If RED (below $25,000) is our bottom, then this flush may be the final move of this week’s long corrective structure that will ideally reset Bitcoin open interest and clear the way for the next leg up.”

In the publish FOMC press convention speech, US Federal Reserve Chair Jerome Powell mentioned the central financial institution officers have voted in favor of continuous the present stance of restrictive financial coverage. The markets have reacted negatively to Powell remarks that policymakers see it extra seemingly than not that one other fee hike can be acceptable from the present goal fee of 525-550 bps.

What’s Ahead For BTC?

It could also be famous that the highest cryptocurrency has been buying and selling sideways across the $26,000 stage for the reason that final 5 weeks. While the Grayscale lawsuit victory within the final week of August 2023 failed to present wings to the BTC value, the euphoria round spot Bitcoin ETFs has additionally dried up in current instances.

Also Read: Ethereum Price Prediction: FOMC Rate Hike Pause Bites, Can ETH Defend $1,600 Support?

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Anvesh studies main crypto updates round U.S. regulation and market transferring tendencies. Published over 1,200 articles thus far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or twitter.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.