The post Bitcoin Price Flat in August: Fed Rate Cut and Election Year May Spur Breakout appeared on BitcoinEthereumNews.com.

Bitcoin’s price has seen minimal movement throughout August. The Federal Reserve’s upcoming interest rate decision could influence the crypto market. Analysts predict that lower inflation and election year trends may provide bullish signals. Discover how Bitcoin’s price trends and upcoming economic events may affect the crypto market this month. Fed Rate Decision in Focus As the end of July approaches, all eyes are on the US Federal Reserve’s meeting scheduled for July 31. Investors and analysts alike expect the Fed to announce its stance on interest rates, a decision that historically impacts not just traditional markets but also the cryptocurrency market. With the probability of no rate cuts in August standing at 96%, and a 25 basis points reduction in September at 85%, the outcome of this meeting could set a new direction for Bitcoin’s price. Historical Bitcoin Price Patterns Data from the past indicates that Bitcoin usually experiences flat returns in August, often with a slight dip as the month progresses into September. According to research by 10x Research, the general trend for Bitcoin in August is stagnation. However, factors such as the US election cycle and low inflation may disrupt this trend, potentially creating a more dynamic market environment. Potential Market Impacts of the Election Year Historically, election years bring about significant economic changes. The current year is no different, with many analysts suggesting that the election calendar could positively influence Bitcoin prices. Additionally, macroeconomic factors like the anticipated rate cuts and subdued inflation rates could provide the impetus needed for a market rally. These elements combined could help Bitcoin overcome its resistance levels, making it an intriguing month for the cryptocurrency market. Conclusion As Bitcoin shows strength trading near $70,000, the market’s attention is now focused on the upcoming Federal Reserve interest rate decision and possible rate…

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Filed under: News - @ July 29, 2024 4:14 am