Bitcoin Surges Above $83,100 as Markets Anticipate Federal Reserve Meeting
Bitcoin is currently trading above $83,100 as investors anticipate 60 basis points in rate cuts. Significant ETF inflows and signs of accumulation suggest a recovery. Altcoins such as XRP and Solana also show upward trends. Bitcoin’s market cap is $1.65 trillion, with critical resistance at $85,000 for further gains.
As of today, Bitcoin is trading above $83,100, drawing attention ahead of the upcoming Federal Open Market Committee (FOMC) meeting. Market analysts estimate that investors are anticipating approximately 60 basis points of interest rate cuts this year, though Federal Reserve officials have noted a cautious approach, advising to wait for additional economic data before making any changes to monetary policy.
Recent data indicate that Bitcoin exhibits early signs of accumulation around the $83,000 mark. Alankar Saxena, Co-founder and CTO of Mudrex, noted that this shift from distribution to accumulation traditionally signals a recovery and indicates renewed investor interest. Furthermore, Spot Bitcoin exchange-traded funds (ETFs) experienced significant inflows of $274 million, marking the highest figure observed in six weeks, which could potentially influence a breakout above $85,000 based on forthcoming updates from the Federal Reserve.
In the altcoin sector, various cryptocurrencies have also shown positive movement. XRP has risen by 1.6%, Solana gained 2%, Cardano increased by 1.2%, and Dogecoin saw a rise of 1%. Additionally, Toncoin, Stellar, and Avalanche experienced upward movements ranging from 3% to 5%.
Bitcoin’s market capitalization has escalated to $1.65 trillion, maintaining a dominance of 60.63%. Although the 24-hour trading volume decreased by 3% to $23.82 billion, stablecoin trading accounted for a significant portion, representing 94.39% of total crypto trading with a volume of $67.17 billion according to CoinMarketCap. In order for Bitcoin to reach the $90,000 target, it must first flip the $85,000 resistance into support, while key levels to watch include $74,000, $71,300, and $66,810.
In conclusion, Bitcoin is exhibiting signs of recovery with significant trading activity observed ahead of the FOMC meeting. The anticipated interest rate cuts and substantial inflows in Bitcoin ETFs suggest a bullish sentiment among investors. Altcoins are also experiencing growth, contributing to an overall positive market environment. Key resistance and support levels will be critical for Bitcoin’s potential price movements in the coming weeks.
Original Source: m.economictimes.com
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