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It has been a negative week so far for the price of Bitcoin, with the cryptocurrency at more and more difficulties holding above $30,000, with BTC/USD trading at $29,900 on Saturday morning, compared to a yearly high at $31,800 last week.
Recall that news specific to the cryptocurrency world has remained light over the past few days, with macro factors taking center stage and investors around the world anxiously awaiting the dietary meeting next week.
The threat of the Fed meeting is on Bitcoin
In fact, Bitcoin’s weakness over the past few days appears to be largely due to expectations of a Fed rate hike. After several better-than-expected US indicators released this week, including jobless claims and Thursday’s Philadelphia Fed index, the market is now pricing in the likelihood over 99% the Fed will raise rates next week, according to the CME’s FedWatch tool.
More importantly, the probability that the Fed would go further with an additional rate hike before the end of the year jumped to 40%, supporting the dollar, which led to bearish influence mechanically on Bitcoin and other cryptocurrencies.
Crypto traders are therefore eagerly awaiting the FOMC meeting next Wednesday to learn more about the central bank’s future intentions. If the Fed Statement or Powell’s Speech Hints for More Rate Hikes, Break Out Bitcoin below the $30,000 threshold should be deepened.
Conversely, if the Fed indicates that the rate hike is over for a while after the one expected next week, which relief rally the most likely scenario for BTC and most other digital assets.
To eliminate the basic factors to be taken into account to properly approach Bitcoin, it should also be remembered that investors remain on the lookout for all signs and rumors of probable approval or rejection recently. ETH BTC spot recommendations from BlackRock and other big names in TradFi.
BTC/USD technical background is uncertain as crypto pushes $30,000
From a technical analysis point of view, the current trend for EUR/USD is uncertain, as evident from the Council horizontal channel appeared in daily data for about a month.
The lower limit of the channel is around $29,500, and it is an immediate support for the cryptocurrency. A break below this threshold is equivalent to a bearish sign which could put the $29,000 threshold in sight, then the 100-day moving average ($28,450) first.
As for the upper band of the channel, $31,800 was the yearly high marked last week. Before that, however, other factors must also be taken into account. potential barriers within the channel, which are the psychological thresholds of $30,000 and $31,000.
In summary, Bitcoin’s technical trend is uncertain at the moment, and the prospect of next week’s Fed meeting seems to be investing in Bitcoin at its best right now. hazardousand very risky at least.
Chimpzee, Eco-friendly Crypto to study and BTC looking for Direction
This is therefore perhaps the opportunity to go away from the main digital assets, take an interest in new encryption projects in the early stages of their development, and with significant upside potential.
In this regard, our recent research led us to discover the crypto Chimpzee, which presents itself as an ecological coin meme, whose pre-sale has just entered the eighth stage, the last one before the token. available to the general public on major crypto platforms, they should experience a price explosion.
There is no better time to join us than NOW! ⏰🌏
To earn, fight against climate change, and rescue animals with the #Chimpzee mission!🌿💸🐾
— Official Project Chimpzee (@RealChimpzee) July 22, 2023
As highlighted in the project’s White Paper, Chimpzee’s mission is to enable investors to earn passive income, while helping to preserve the environment. And although it is only on a step preventione, the project has already made it possible to plant 1,200 trees in Brazil and 20,000 in Guatemala, and donate $15,000 to save African elephants.
Regarding the potential gain for investors, in addition to the respect could be exponential of the token when the pre-sale ends, Chimpzee offers investors to earn money in 3 ways, through the Chimpzee Shop, NFT market, and crypto game, Zero Tolerance.
In summary, Chimpzee is therefore a crypto project with high potential and inspired by the concepts of mono meme and crypto ecology, to mix business with pleasure while participating in the conservation of the environment. Therefore, we can strongly advise you to get more information about the Chimpzee crypto project, which we are excited about, as far as we are concerned.
Cryptoassets are a risky investment.
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This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can result in significant losses. You should only invest what you can afford to lose and do your own research before making any investment decision.