Good morning, Bitcoin (BTC): depending on the Federal Reserve, $30,000 is just around the corner

It is very likely that Bitcoin will spend the day volatile, due to the decision of the American interest rate (Image: Unsplash / Kanchanara)

while the markets traditional do not awaken, the Crypto Times come take a good morning to bitcoin. Check out a brief summary of what could affect the market this Wednesday (22).

Today the Marketplace must get out of the inertia and stagnation that lasted yesterday. A cryptocurrency awaits the decision of Federal Reserve on the interest rate of U.S at 3pm.

The expectation is that the Fed’s Federal Open Market Committee (Fomc) maintains a more moderate pace of interest rate hikes and raises the rate by just 0.25 percentage points. If confirmed, tightening should repeat the dose of the first meeting this year, in February.

After banking crisis triggered by the breakdown of Silicon Valley Bank (SVB), markets expect the Fed’s position to be less hawkish with regard to the pace of tightening interest rates. After all, the risks of economic slowdown are latent.

With that, the Bitcoin (BTC)) it dawns positive but almost zero to zero, and above US$ 28 thousand. already the Ether (ETH) shows losses of 1% from yesterday to today, and is below $1,800. The value of Marketplace of cryptocurrencies returns to the level of US$ 1.18 trillion.

For Bitcoin, $30k is right around the corner

André Franco, chief analyst at Mercado Bitcoin, assesses that it is very likely that Bitcoin will spend the day volatile, waiting for the decision of the American interest rate. “By market expectations, bitcoin is most likely to rise after the announcement,” he says.

“In the on-chain data, there was a shy accumulation of 350 bitcoins in the position of long-term investors (LTH). In Ethereum, 9,000 new ETH were locked in the Beacon Chain”, he analyzes.

As for Fernando Pereira, content manager at Bitget and analyst, there are two major possibilities for Bitcoin today. For him, the market has already been pricing in an increase of 0.25pp in the current rate. However, anything larger than that could be harmful.

“I can only see declines in the coming days with an increase greater than this, otherwise I believe it is a matter of time before BTC passes the region of US$ 30,000”, he says.

The market fear and optimism index is indicating a step back on a day of important monetary policy decision in the United States, but remains optimistic.

The index retreated six points compared to yesterday. The day before, the index was at 68, in the bullish zone, and today, at 62, out of 100.

Latest Crypto Fear & Greed Index

Source: Moneytimes

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