Reserve

FOMC

Bitcoin

<ul class="list-ic vertical">
 <li>1 <a>Bitcoin Price declined over 3.32% yesterday, retracing the $66,000 Mark.&nbsp;</a></li>
 <li>2 <a>The price drop seemed to be largely constrained by the anticipation of Federal Reserve data and key inflation data.&nbsp;</a></li>
</ul>
Bitcoin price fell sharply yesterday, retracing the $66,000 Mark, again, this month. This downturn in the broader cryptocurrency market is due to the anticipation of the upcoming Federal Reserve meeting and the release of crucial inflation data set to be released today.&nbsp;
BTC witnessed wild swings in the recent sessions, rising from $67K in the beginning of this month to&nbsp; $72K and again falling back to $66K. While the long term trend is still bullish, some analysts anticipate the formation of a local top near $72K.
<h2 class="wp-block-heading" id="strong-can-bitcoin-recover-like-earlier-after-the-event-strong">Can Bitcoin Recover Like Earlier After the Event?</h2>
A user on X back-tested the price movements this year before and after the FOMC and found that the BTC experienced a price dump before the event and had recovered quickly post the FOMC.
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 <blockquote class="twitter-tweet">
 this is a scam dump. there have been 4 FOMC's in 2024 every single one of them had the same scam dump BTC dumped 10% in the 48 hours before all of them on FOMC day it recovered the entire move the market always prices in overly bearish statements, then reverses <a href="https://t.co/oFa801csND" rel="noopener noreferrer nofollow">pic.twitter.com/oFa801csND</a>— gumshoe (@0xGumshoe) <a href="https://twitter.com/0xGumshoe/status/1800460029851746326?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 11, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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gumshoe noted that Bitcoin price dropped nearly 10% just a day or so before the 4 FOMCs held this year. However, on FOMC day, it covered the entire move. He named it a scam dump as the BTC price fell before the event, manipulating the short term traders and then recovered back.
<h3 class="wp-block-heading" id="strong-bitcoin-price-retraces-50-day-ema-over-1-d-timeframe-strong">Bitcoin Price Retraces 50-Day EMA Over 1-D Timeframe</h3>
Bitcoin seemed to be stabilizing near the 50 day Exponential moving average after a sharp crash yesterday. The long term trend outlook still lies on the bullish side which may attract investors at a discounted price. 
<a href="https://in.tradingview.com/chart/BTCUSD/oDI94ZTN-Bitcoin-Price-Slips-Near-66K-Amid-Fed-Rate-Decision-What-s-Nex/" rel="noopener noreferrer nofollow"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"></a> <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a> 
Moreover, the 50 days EMA may act as a dynamic support and try to prevent further downfall. The short-term trend is range bound with the $66K as the support and $72K as the resistance.
Now, until BTC hovers in a range, it may continue to remain in a short-term sideways trend. The breakout or breakdown of the range may indicate a clear trend.
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3>
<a href="https://www.thecoinrepublic.com/2024/06/11/the-bitcoin-price-dropped-below-the-one-week-low-will-it-rebound/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> dropped yesterday, revisiting the $66,000 mark amid expectations of a Federal Reserve meeting and key inflation data. Despite the recent price correction, the long-term outlook seemed to be bullish. An X user’s analysis suggests a pattern of pre-FOMC price drops followed by quick recoveries.
Currently, Bitcoin is hovering near the 50-day EMA, which could serve as support. The short term trend outlook suggests a range-bound between $66K and $72K. A decisive break from this range will likely set the next clear trend.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Bitcoin Price Slips Near $66K Amid Fed Rate Decision: What’s Next

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