FOMC

2024

Bitcoin

Green

Million

<img src="https://cdn.thebittimes.com/images/2024/03/20/1710941798.webp" width="800" height="457" alt="">
Bitcoin has been subject to a strong price correction over the past week, triggered by bad inflation data and rising macroeconomic risks.&nbsp;
After reaching a new all-time high of $73,800 on March 14th, the Bitcoin price has plummeted by 17% to trade as low as $60,900 today on Wednesday.&nbsp;
Investors are cautious of entering long positions on BTC just yet, especially since the Federal Reserve will decide the appropriate stance for its monetary policy at today’s <a href="https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm" target="_blank" rel="noopener noreferrer nofollow">FOMC meeting</a>. Fed chair Jerome Powell’s statement could lead to more market volatility and push crypto prices further down.&nbsp;
<img src="https://lh7-us.googleusercontent.com/qq3L1IoiCtExhrtX9UUTpUwRiJjjoD4Oh3KnsYnKVEaYaRwBI8VD_Z7peFCSWAa_KigFZbFoAUps9JSE-XbaRx6aBpeKvFmmEq7ZDRu45z7zs5q3VjVQUWEevAuLh7Lm4C0k4TuxKryEz6ZiMk251Ao" width="624" height="283" style="display: block; margin-left: auto; margin-right: auto;">
However, analysts believe that the largest cryptocurrency is close to hitting a local bottom and the Bitcoin price could see a bullish breakout after the Fed meeting today.&nbsp;
Low-cap altcoins continue to see strong demand - for instance, a new presale token <a href="https://bs_05a25001.cryptofinance.care/?referrer=could-the-bitcoin-price-surge-after-fomc-today-as-green-bitcoin-also-nears-$7-million" target="_blank" rel="noopener noreferrer nofollow">Green Bitcoin</a> has quickly raised close to $7 million in its ICO.&nbsp;
<h2 dir="ltr" id="span-why-is-crypto-falling-span">Why Is Crypto Falling?</h2>
The biggest factor contributing to the latest crypto crash is the shift in the market’s perception regarding the Federal Reserve’s monetary policy. A drain on market liquidity, caused by the Fed’s hawkish stance, has traditionally been catastrophic for the cryptocurrency market.&nbsp;
Due to falling inflation levels in 2023, the market had expected the central bank to pivot towards dovish monetary policy, pricing in 7 interest rate cuts this year. However, worse-than-expected inflation data in 2024 has thrown a wrench in the plan.&nbsp;
According to the <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener noreferrer nofollow">CME FedWatch</a>, the market is now pricing in only 3 rate cuts in 2024, expecting the Fed to stay put in both Wednesday’s and May’s FOMC meeting. Investors are also dreading Fed chair Jerome Powell’s speech after the Fed meeting today, which could lead to more bearishness in equities and the crypto market.&nbsp;
Additionally, analysts reveal that the Bitcoin price has typically witnessed a 20% to 38% pre-halving correction. Considering that BTC has logged an almost clean upside move from $38,500 to $73,800, a pullback was due.
Considering that the Bitcoin price is already down 18% from its new all-time high, history suggests that a bottom could be close.&nbsp;
<h2 dir="ltr" id="span-is-the-bitcoin-price-set-for-a-new-all-time-high-span">Is The Bitcoin Price Set For A New All-Time High?</h2>
Analysts suggest that the Bitcoin price chart is showing signs of a local bottom. According to crypto analyst @tedtalksmacro, the market has already priced in the worst-case scenario for <a href="https://x.com/tedtalksmacro/status/1770330220421149027?s=20" target="_blank" rel="noopener noreferrer nofollow">today’s Fed meeting</a>, providing an ideal backdrop for the bulls to regain control.&nbsp;
Bitcoin secured a clean retest from the 4-hour 200 Exponential Moving Average. This bounce was extremely important for BTC since it is the first time it is retesting at this level since $42,000.&nbsp;
<blockquote class="twitter-tweet">
 Once again, the market is starting to show signs of a local bottom. Locked in a 4h bullish divergence, on top of local, monthly &amp; 200ema support. Reclaim $65,000 and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> starts looking a lot better, LTF-wise. <a href="https://t.co/zzUICZ1IFc" rel="noopener noreferrer nofollow">https://t.co/zzUICZ1IFc</a> <a href="https://t.co/KeESuODy8K" rel="noopener noreferrer nofollow">pic.twitter.com/KeESuODy8K</a> — Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1770381249275670655?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 20, 2024</a>
</blockquote>
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The BTC price has locked in a bullish divergence from this level, on top of the local and monthly support.&nbsp;
Other market signals also suggest that a bounceback is imminent, especially with a good amount of leverage wiped, <a href="https://x.com/DaanCrypto/status/1770381796775002602?s=20" target="_blank" rel="noopener noreferrer nofollow">funding rates</a> normalized and market sentiment coming down from euphoria levels. The required reset is almost completed, and a bounceback could be coming.&nbsp;
Data from LookOnChain suggests that whales have started to <a href="https://x.com/lookonchain/status/1770119782991642977?s=20" target="_blank" rel="noopener noreferrer nofollow">buy the dip</a>, with two whales withdrawing close to $80 million worth of BTC from Binance on Wednesday itself.
Analysts believe that Bitcoin could start another pre-halving rally that could see its price reaching as high as $85,000. However, BTC needs to hold over its 8-week simple moving average, a crucial support level that is currently at $57k. A fall below it would invalidate all bullish scenarios.&nbsp;
<blockquote class="twitter-tweet">
 I would keep an eye on the 8W SMA for <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> ($57k). As long as we stay above that level, the uptrend is still in tact. Coincidentally, the 8W SMA corresponds to 20-22% down from the highs which is how much BTC dropped in prior drawdowns over the last year. <a href="https://t.co/XKHuFxmEwZ" rel="noopener noreferrer nofollow">pic.twitter.com/XKHuFxmEwZ</a> — Benjamin Cowen (@intocryptoverse) <a href="https://twitter.com/intocryptoverse/status/1770313220198179143?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 20, 2024</a>
</blockquote>
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<h2 dir="ltr" id="span-green-bitcoin-nears-7-million-in-presale-could-this-new-crypto-coin-deliver-10x-returns-span">Green Bitcoin Nears $7 Million In Presale, Could This New Crypto Coin Deliver 10x Returns?</h2>
Low-cap altcoins such as <a href="https://bs_05a25001.cryptofinance.care/?referrer=could-the-bitcoin-price-surge-after-fomc-today-as-green-bitcoin-also-nears-$7-million" target="_blank" rel="noopener noreferrer nofollow">Green Bitcoin</a> are seeing strong demand as beta bets on Bitcoin. The new cryptocurrency has already raised close to $7 million in its presale and is being backed by analysts to deliver up to <a href="https://youtu.be/ndUCm-VDY1E?si=TsA_tBfDCLhJcbPP" target="_blank" rel="noopener noreferrer nofollow">10x returns</a>.&nbsp;
Green Bitcoin aims to combine Bitcoin’s legacy with Ethereum’s eco-friendliness. It uses Ethereum’s proof-of-stake consensus mechanism, which is more energy-efficient, cheaper and faster than BTC’s proof-of-work.&nbsp;
<img src="https://lh7-us.googleusercontent.com/Bp1pgJ7ccuCBZ9U7J0toBjYqoDb5WirUqEQEHlI6tk6SU08tdikgpaPhLrXbwgCJcf1w8X1e04PaMdddh0-Fyg3MDuGsi0eM8_lsnrqh_JAPquHMpClKCvU9VcLUxD9E7drrYrdDiKiKU5I4eiZCsW0" width="624" height="319" style="display: block; margin-left: auto; margin-right: auto;">
Being an ERC-20 token, it also introduces on-chain staking to the Bitcoin ecosystem. Green Bitcoin has launched an innovative <a href="https://greenbitcoin.xyz/en/dashboard" target="_blank" rel="noopener noreferrer nofollow">staking program</a> that has piqued the interest of smart money traders such as Franklin Emmanuel and <a href="https://youtu.be/ndUCm-VDY1E?si=TsA_tBfDCLhJcbPP" target="_blank" rel="noopener noreferrer nofollow">Cilinx Crypto</a>.&nbsp;
<iframe width="560" height="315" style="display: table; margin-left: auto; margin-right: auto;" src="https://www.youtube.com/embed/J64KD2mX1Kg?si=Uhc8GHTNMR8lfT-f" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
In the first stage, investors will earn passive income in proportion to their staked tokens, depending upon the reward rate. Presale buyers can already start to accrue rewards at 88% APY. In the next stage, investors can earn exponential bonuses by correctly predicting the Bitcoin price trend.&nbsp;
Investors can head to the Green Bitcoin website and buy the token through the over-the-counter widget, either using a bank card or by swapping ETH, BNB or USDT tokens.&nbsp;
They can also read the Green Bitcoin <a href="https://greenbitcoin.xyz/assets/documents/whitepaper.pdf" target="_blank" rel="noopener noreferrer nofollow">whitepaper</a> or follow its <a href="https://twitter.com/GreenBTCtoken" target="_blank" rel="noopener noreferrer nofollow">X</a> and <a href="https://t.me/GreenBTCToken" target="_blank" rel="noopener noreferrer nofollow">Telegram</a> accounts to know more about the project.&nbsp;
<a href="https://bs_05a25001.cryptofinance.care/?referrer=could-the-bitcoin-price-surge-after-fomc-today-as-green-bitcoin-also-nears-$7-million" target="_blank" rel="noopener noreferrer nofollow">Visit Green Bitcoin Presale</a>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/could-the-bitcoin-price-surge-after-fomc-today-as-green-bitcoin-also-nears-7-million-tbt83037.html">https://thebittimes.com/could-the-bitcoin-price-surge-after-fomc-today-as-green-bitcoin-also-nears-7-million-tbt83037.html</a>

Could The Bitcoin Price Surge After FOMC Today As Green Bitcoin Also Nears $7 Million

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