Crypto Market Expects Fed Rate Cut This Week, What’s Next for Bitcoin Price?
The post Crypto Market Expects Fed Rate Cut This Week, What’s Next for Bitcoin Price? appeared on BitcoinEthereumNews.com.
Key Insights: The crypto market retreated today as investors booked profits ahead of a major event this week. The odds of a 25 bps Fed rate cut now sit at 94%. A top analyst said that Bitcoin price may target a new all-time high (ATH) if it breaks through the resistance at $118k. The crypto market started the week on a low note, despite market watchers betting heavily on a potential Fed rate cut this week. However, many have deemed the current pullback or pause as a healthy market cycle. In addition, the market pundits have also shared bullish forecasts on the future trajectory of the assets. For context, an analyst has recently highlighted key resistance levels for Bitcoin price, breaking which could push BTC to a new all-time high. However, the recent pullback has cast doubts among some traders, who are looking for the potential reasons behind the pause. So, here we explore the likely factors that have impacted the broader market sentiment and see what may lie ahead for the crypto market. Why is the Crypto Market Falling Today? A flurry of factors might have caused the recent pullback in the broader crypto market. For context, many investors appear to be booking profits after a robust rally in the digital assets last week. Usually, the investors often book profits when the prices of BTC and other assets go up. Having said that, it seems that the recent rally in crypto prices has allowed many investors to record some profits. Meanwhile, this is further evidenced by the on-chain data. According to CoinGlass, the crypto market saw an overall liquidation of $439.4 million in the last 24 hours. Ethereum liquidation hits $109.21 million while BTC saw a liquidation of $45.11 million. Crypto Market Liquidation | Source: CoinGlass On the other…
