Will Bitcoin finally hold above $60k before Jerome Powell delivers rate news?

MARKETS remained subdued over the past 24 hours as investors wait for tomorrow’s critical interest rate announcement from the Federal Reserve.

The widely expected 0.25% rate cut would be the first in four years and has left both crypto and traditional markets in a holding pattern, analysts note. 

Bitcoin is trading within a narrow range of $58,000 to $60,000, reflecting little change except for a brief burst above $60,000 at the end of August and a dip earlier this month. Ethereum mirrors this sideways trend.

Most other cryptos have seen little movement, with the exception of Fantom, which continues its impressive rally. The token added another 10% to its price overnight, extending its gains to more than 40% over the last month. Analysts attribute this surge to ongoing protocol developments, which are said to be improving its capacity and transaction speed.

In broader markets, the SP500 is similarly dormant, with analysts expecting the rate decision to prompt more significant moves across all asset classes. Fed Chair Jerome Powell is scheduled to deliver his press conference at 2:30pm Washington time (7.30pm UK) on Wednesday.

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In the Markets

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Total crypto market cap

$2.04 trillion (-0.15%)

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What Bitcoin did yesterday

Daily high $59,204 |  Daily low $57,527

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Bitcoin market capitalisation

$1.15 trillion (57.93% of market)

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Bitcoin 24-hour trading volume

$28.2 billion (+13.7%)

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SP500

+0.13%

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Fear and Greed Index

33 (Fear) 

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The Fear and Greed Index measures volatility, market momentum/ volume, social media, surveys, dominance, and Google search trends to gauge market sentiment.

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Bitcoin Relative Strength Index (RSI)

54

Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.

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Post Script…

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Cautionary Notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.

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