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Bitcoin Rises To $27,000 Ahead Of Fed Rate Decision
09/18/2023

Bitcoin Rises To $27,000 Ahead Of Fed Rate Decision

09/18/2023
4,2

The market is keeping a close eye on cryptocurrency price movements this week as the Federal Reserve publishes its interest rate decision.

Although Bitcoin barely reacted to inflation data last week, remaining at $26,000, the asset started the week higher, reaching $27,000 ahead of the Fed's decision. At the time of writing, the major cryptocurrency was trading at $27,160, adding 2.35%. Bitcoin is correlated with the dollar index. The DXY remains above the 105 mark, indicating a potential inverse relationship between Bitcoin and the DXY.

Source & Copyright TradingView

However, the positive trend may be reversed on September 20, as many analysts are confident that the Fed's decision will put pressure on risky assets. Although inflation has started to decline, any tightening in the Fed's statements could lead to a decline in investor sentiment.

Previously, Fed policymakers have said that another interest rate hike is expected before the end of 2023. Since then, their opinion has not changed. CME Fedwatch Tool data shows that the probability of a rate hike is 1 in 3. The Fed is also expected to keep short-term rates unchanged from the current level of 5.25%-5.5%.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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