What to Expect from Powell’s Speech
On the final day of the FOMC meeting, Federal Reserve Chairman Jerome Powell will address the public, and his words will be carefully dissected by politicians and economists. Although Powell is not expected to reveal anything significant, the market will be attentive to any indications of a potential rate cut in March. As the Fear and Greed Index shows the US economy in Extreme Greed mode, any hint of a rate cut from Powell could result in market frenzy.
Impact on the Crypto Market
Wednesday has brought some downward movement for most altcoins, and bitcoin has dropped below $43,000. The crypto market tends to experience increased volatility during the FOMC meeting, especially leading up to Powell’s speech. Bitcoin is approaching its trend line and may touch it due to overbought territory. If the price falls further, there is support at the $39,000 level, but breaking this could lead to a steeper correction.
Continuation of the Crypto Bull Market
Regardless of short-term fluctuations, both bitcoin and fundamentally strong altcoins are likely to continue the bullish trend. Traders should expect volatility on Wednesday and implement proper risk management strategies, such as setting stop losses.
Hot Take: Market Uncertainty Ahead of Powell’s Speech
Federal Reserve Chairman Jerome Powell’s upcoming speech at the FOMC is causing anticipation and uncertainty in the market. While Powell is not expected to unveil any major changes, the possibility of a rate cut in March has traders on edge. The volatile reactions to Powell’s remarks could impact the crypto market, which has already experienced a downward trend. Whether the market will stabilize or enter a steeper correction remains to be seen, but managing risk and closely monitoring the situation will be crucial for traders during this period of heightened volatility.
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