After the brief slowdown, crypto trading signals for today are displaying neutral movements, although the Fed’s policy meeting may have played a part in its dip.
After a brief price decline, crypto trading signals for today are resting on a neutral stance. If indicators improve, the crypto market may climb higher. On the other hand, Bitcoin could also face a price retest at the $42,000 mark. Meanwhile, the market’s movements over the last 24 hours could’ve been influenced by the Fed’s policy meeting, which also issued its statement.
The Federal Reserve maintained the same interest rates, but the market could have expected rate cuts. Hence, the rate cause might have become the reason for the market dip.
On a positive note, the Fed said, “Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated.”
Thus, a continuous positive run for the economy could result in rate cuts in mid-2024. Along with the Bitcoin halving event this year, it could become a key trigger for BTC to initiate a big crypto rally. Even after the price decline, Bitcoin’s weekly returns are sitting at a healthy 5.6%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,200 on February 1, 2024, with BTC/USD trading lower by a margin of 1.8% in the last 24 hours. Bitcoin’s market cap was trading at around $827 billion.
BTC/USD is trading higher than its 20-day EMA (42,798.27), as BTC’s 24-hour volume was at around $25 billion. The crypto market cap decreased by around 2.27%, trading above $1.61 trillion. BTC’s year-to-date returns are at 0.55%.
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