The uncertainty of the current week has sent Bitcoin and the entire crypto market on a volatile trend, with the FOMC decision being the major event.
The crypto space saw increasing volatility taking over the market as BTC and other tokens lost value. The FOMC decision could be the key factor for the crypto market‘s further movement. Traders and investors might be looking out for the interest rate hikes that are expected to be rolled out by the Fed.
Bitcoin held on to its $30000 support for days without losing it. But, it struck a major resistance at the $31000 mark and couldn’t consolidate above it. At its current position, BTC could look towards rebounding to $30000. That could further trigger better participation from bulls.
Experts have said July’s interest rate hike might be the last for the Federal Reserve. That could be a positive turn for the crypto market. With the markets attracting better liquidity from the next month, crypto tokens could surge to their earlier highs.
Solana, Cardano, BNB, XRP, and Dogecoin have all seen cuts in the last 24 hours. Ethereum’s bullish signs have also come to a halt. On the upside, the crypto market’s overall capitalization is still trading at over $1.2 trillion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29300 on July 24, 2023, with BTC/USD going down by 2.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,357.98) as BTC’s 24-hour volume increased to just above $10 billion. Bitcoin has seen around 79.58% returns on a year-to-date basis.