Bitcoin Price Forecast As Federal Rate Decision Approaches – Has Bitcoin Already Hit Its Low? -TGN

With the coming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, market participants eagerly await the outcome and its potential impact on several financial assets including Bitcoin.

As the FOMC meets to make decisions on federal interest rates, the cryptocurrency market is on edge, with investors wondering if Bitcoin has already bottomed out or if more volatility is ahead.

At the time of writing, Bitcoin is valued at $29,260, and its 24-hour trading volume stands at an impressive $11.8 billion.

The FOMC’s decisions could significantly affect the direction of Bitcoin’s price and overall sentiment within the cryptocurrency market.

Let’s delve into Bitcoin price prediction and see the technical side of the market.

Bitcoin price prediction

The leading cryptocurrency, Bitcoin, suffered a significant downturn, approaching the $28,850 threshold.

Nevertheless, a recent close of the doji candle just above this crucial level suggests a possible weakening in bearish sentiment.

In addition, the occurrence of a doji candle and a revolving candle around $28,800 further increases the likelihood of a bullish trend or correction.

In addition, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are currently in the oversold zone, raising the potential for a bullish reversal.

It is imperative to keep a close eye on the USD 28,850 level, as a break above it could prompt Bitcoin to aim for an immediate USD 29,500 resistance level.

This resistance aligns with the 50-day exponential moving average and has previously served as a major support and double bottom, dating from July 24.

Consequently, it is expected to put up a formidable resistance. If Bitcoin manages to surpass the USD 29,500 level, the next targets could be around USD 29,900 or USD 30,300.

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