HOPEFULLY ON $BTC
The most prominent cryptocurrency, Bitcoin, is currently being closely monitored for potential price predictions and breakout opportunities.
Traders and investors are eagerly awaiting the upcoming Federal Open Market Committee (FOMC) meeting and Fed Rate announcement, as these events have the potential to impact the cryptocurrency market significantly.
The decisions and statements made by the FOMC regarding monetary policy and interest rates can profoundly affect the direction and volatility of Bitcoin and Ethereum.
As market participants anticipate these crucial updates, the focus remains on predicting the future price movements and potential breakouts for both cryptocurrencies.
Following the release of the May Consumer Price Index (CPI) on Tuesday, Bitcoin experienced a momentary boost as inflation showed signs of decline.
The leading cryptocurrency, with the highest market capitalization, was trading at $26,008, representing a less than 0.50% decrease in the hour following the US Bureau of Labor Statistics announcement.
Bitcoin is currently facing resistance at the $26,250 level and finding support around $25,500, which will play a crucial role in determining its future direction.
The 50-day Exponential Moving Average (EMA) at $25,800 acts as a support level, but a downward triangle pattern suggests a bearish outlook.
Bitcoin Price Chart - Source: Tradingview
If the support level of $25,500 is broken, it could increase selling pressure, potentially driving the price toward support levels at $24,940, $24,710, or even $24,385.
Traders are closely monitoring the upcoming FOMC meeting and Fed Rate announcement as they can impact Bitcoin’s price.