FOMC

Bitcoin

<ul> 
 <li><strong>Any hawkish tone from the FOMC meeting might cause Bitcoin to plummet more.</strong></li> 
 <li><strong>Due to the gravity of the resistance, the string of little body candles signals hesitation.</strong></li> 
</ul> 
<p><a href="https://thenewscrypto.com/bitcoin-price-analysis-btc-struggles-to-break-30000-mark/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) was under selling pressure early in the week, sending the price down below the $30,000 support level to roughly $29,000. Some on-chain signs suggest potential development despite its relatively dismal prognosis.</p> 
<p>The fact that more and more Bitcoins are being removed from crypto exchanges and placed in private hands is encouraging. There are presently just 1.17 million Bitcoin (BTC) available on cryptocurrency exchanges, the lowest quantity held since November 2018.</p> 
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 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> Long-Term Holder Supply has reached a new ATH of 14.52M BTC, equivalent to 75% of the circulating supply.<br><br>This suggests HODLing is the preferred market dynamic amongst mature investors. <a href="https://t.co/rfPmHM9hh2" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/rfPmHM9hh2</a></p>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1683401299956465665?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 24, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
</div> 
<p>In addition, Bitcoin’s daily wallet address creation rate has grown, as per statistics from the on-chain analytics platform Glassnode. An increase in network activity like this is seen as a positive indicator. Moreover, data from the analytics platform reveal that a new ATH&nbsp;of 14.52 million Bitcoin (equal to 75% of the total supply) is now held by&nbsp;long-term BTC&nbsp;holders. This data implies that long-term investors opt for a HODLing strategy.</p> 
<h3 class="wp-block-heading" id="h-high-volatility-expected">High Volatility Expected</h3> 
<p>As investors anticipate the probable commencement of the U.S. Federal Reserve’s rate-hike campaign today, the price of Bitcoin (BTC) stalled early in Asia around the $29,200 level. Any hawkish tone from the <a href="https://thenewscrypto.com/crypto-market-remains-resilient-ahead-of-fomc-outcome/" target="_blank" rel="noopener noreferrer nofollow">FOMC</a> meeting today might cause Bitcoin to plummet more.</p> 
<p>The 89-week moving average and the top edge of the Ichimoku cloud on the weekly chart have converged to create a critical barrier that BTC/USD has had trouble breaking over since April’s peak of around $31,000. Due to the gravity of the resistance, the recent string of little body candles signals hesitation.</p> 
<p>The negative pressure on the market over the medium term could ease if the price is able to break above the resistance level. The possibility of $40,000 is raised by this action. All eyes are now on the FOMC meeting outcome later today with the crypto market including BTC expected to showcase high volatility.&nbsp;</p>

Bitcoin Price Consolidates Amid Fed’s Interest Rate Decision Today

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TheNewsCrypto

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