Crypto traders are again on a bullish stance in the hours leading up to the US Fed’s monetary policy meeting, leading to Bitcoin’s rebound over the last 24 hours.
Bitcoin found some key support around $66,000 on June 11, and has been on an upward path since them. Bitcoin’s rebound could also be due to an improvement in sentiments among crypto traders and investors. Since the US Fed is going to decide upon interest rates on June 12, a wave of hope and optimism have taken over the crypto market. Although the US Fed will likely continue the same interest rates, the market has already shed the bearish signals.
Historically, the crypto market has stayed stagnant or traded with losses before US Fed monetary policy meetings. The meeting is a crucial factor for crypto since the interest rates influence the bulk of liquidity in the market. If the authority holds the current rates, the market may see an improvement in its trajectory.
Even other tokens in crypto could do with some better liquidity volumes. For instance, ETH has seen a dip to $3,500 with snap sell-offs recently. MATIC, SOL, and DOT have also seen similar price action. The crypto did see better price strength at the beginning of June, but bulls couldn’t continue the momentum.
Once the US Fed lends clarity on the macroeconomic climate, crypto traders may start taking long positions again.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,800 on June 12, 2024, with BTC/USD trading higher by a margin of 1.01% in the last 24 hours. Bitcoin’s market cap was trading at around $1.34 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,609.12), as BTC’s 24-hour volume was at around $28.36 billion. The global crypto market cap increased by around 0.5%, trading above $2.46 trillion. BTC’s year-to-date returns are at 61.04%
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