Bitcoins FOMC MoM Impact on Cryptocurrency Markets Ahead

Bitcoins FOMC MoM Impact on Cryptocurrency Markets Ahead


The Bitcoin price drops below crucial levels around $26,400 as traders eagerly await the FOMC minutes, with fine volatility expected to kick-in within the markets very soon.

The cryptocurrency market is plunging; the Bitcoin (BTC) price dropped below critical levels around $26,400 as the FOMC minutes are about to be released. The traders are eagerly waiting for the minutes, and at the same time, the bears and the shorts are successfully dragging the price lower. Furthermore, the transcripts of the previous meeting are about to be published in a short while.

This is why, fine volatility is expected to kick-in within the markets very soon. 

The Bitcoin price began to slump in the early trading hours as it failed to hold support at $27,000. Nonetheless, the  potential of the price reclaiming these regions was pretty high during the early trading hours, but that faded as the trade went ahead ahead. Presently, the Bitcoin price is displaying the likelihood of maintaining a steep descending tendency that may further accelerate a more bearish divergence to reach $26,000. 

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The Bitcoin price has faced rejection from the 50-day MA levels in the daily time frame since the beginning of the 30 days. However,  the 100-EMA levels are trying hard to hold the rally, but the bearish influence is slowly outperforming the positive  tendency attempts.

Hence, the price is further believed to face another rejection from the 100-EMA levels that may drag the price lower to levels next to $25,000, or an extended bearish tendency may compel the price to trade below $25,000 in the following 24 to 48 hours. 

Despite the fact that the RSI is plunging, the MACD is displaying the likelihood of a positive  tendency crossover. Nonetheless, the volume persists to remain depleted, which  can potentially be a matter of concern as of now and may weaken the bulls to a large extent.

This is why, the FOMC minutes are believed to induce whole lot of volatility within the cryptocurrency space, and the present descending tendency is believed continuation until the crypto tokens reach their respective support levels. 

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