The post BTC continues to decline as federal rates cuts speculation persists. appeared on BitcoinEthereumNews.com.

BTC continues to decline as federal rates cuts speculation persists. An analysts eyes a recovery to $62000 after FED decision. Bitcoin [BTC] has experienced extreme volatility over the the past month. While it has attempted to break the September curse for the past week, the crypto has lacked enough momentum for the uptrend. The last week has seen BTC move from a local low of $52546 to a local high of $60,670. However, over the past 24 hours, it has experienced fluctuation losing most of the gains. As of this writing, BTC was trading at 58,552. This marked a 2.38% decline over the past week. Prior to this, Bitcoin was in upsurge rising by 5.98% on weekly charts. While the crypto has declined over the past 24 hours, its trading volume has surged. In fact, the past day has seen a 100% increase in trading volume to $26.9 billion. The current market conditions have sparked widespread discussion. This has left many analysts see the possibility of upcoming Fed rates as the cause. Popular crypto analyst Hasan has suggested federal cuts are one of the factors driving market sentiment. What’s next for Bitcoin? In his analysis, Hasan cited the upcoming federal cuts this week as the main factor driving market uncertainty. Source: X According to his analysis, BTC markets will experience a sell-off of around $58500 making this the critical support level until the Federal cuts decision is out. However, the analyst posits that even though the markets may experience some sell-off at this level, he expects recovery from this level to $61500. Therefore, if the FED announces 25 basis point interest rate cuts, BTC will recover and price sales will surge to the $61500 and $62000 range. However, if the market experiences a correction following the FED decision, BTC prices will…

---

Filed under: News - @ September 17, 2024 7:26 am