Will the FOMC minutes make or break Bitcoin’s uptrend?
- Bitcoin holders wait and watch ahead of US retail sales and the FOMC minutes release scheduled for August 17.
- Federal Reserve Chair Jerome Powell hinted at an unusually large increase in interest rates.
- Bitcoin price could plummet to $22,500 and witness a breakdown from its uptrend.
Ahead of the FOMC minutes release Bitcoin withdrawal from exchanges continued. Proponents expect the market to react to signs Fed members will continue with more aggressive interest rate hikes, increasing the pressure on Bitcoin price.
Also read: Where is Bitcoin price headed with threat of $2.97 billion selling pressure on BTC
Bitcoin price remains unchanged; traders await FOMC minutes
Bitcoin price remains largely unchanged as traders sit on the fence about their next move. The US Federal Reserve’s FOMC meeting report will likely impact Bitcoin’s price trend. Jerome Powell, the Chairman of the US Federal Reserve, told users that an unusually large increase might be appropriate.
Investors are closely watching the release of the FOMC minutes before making their next move. If they signal an unusually large increase in interest rates is on the horizon it will caution investors and result in them pulling capital out of exchanges.
At 6:00 pm GMT, the Federal Reserve will release the minutes of its July meeting. The FOMC recently announced a 75 basis point increase in interest rates, and a slowdown in spending has kept investors worried about another economic contraction. Around 12:30 pm GMT today, the US will publish its July retail activity.
Analysts consider $22,500 the lights-out level for Bitcoin
@PostyXBT, a crypto analyst and trader, considers $22,500 the “lights-out” level for Bitcoin. By “lights-out,” the analyst implies invalidation of the bullish thesis. Bitcoin price could plummet to $20,000 or lower if it loses support at $22,500.
BTC-USDT price chart
Another crypto analyst and trader @EtherNasyonaL, however, believes the opposite – that Bitcoin is currently in a historic purchasing zone. The analyst believes now is an ideal time to accumulate Bitcoin; the asset will likely yield higher gains in the future.
BTC-USD chart
FXStreet analysts believe Bitcoin price lacks bullish momentum; in the video below, analysts have identified key levels and targets for BTC.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
