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<p>The post <a href="https://coinpedia.org/price-analysis/will-btc-price-reach-80000-with-the-fomc-meet-this-week/">Will BTC Price Reach $80,000 With The FOMC Meet This Week?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>With the massive crash with the release of employment data by the U.S. Labor Department last week, the BTC price trend witnessed a slowdown. As Bitcoin loses the $70,000 level, the long-coming support trendline and the demand at lower levels are under pressure.&nbsp;</p> 
<p>With the biggest cryptocurrency under pressure, the broader market faces resistance and remains hesitant for a quick bounce. Further, the sentiments are mixed or hawkish with the FOMC meeting coming on June 12th.&nbsp;</p> 
<p>Will the increased volatility in the event of FOMC result in an extended crash in Bitcoin price to hit the $60,000 level? Or, the potential rate cut will pump the BTC price to reach the $80K mark?&nbsp;&nbsp;</p> 
<p>Let’s examine our detailed price analysis for a clearer view of the BTC price trend. You can also check out our <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin price prediction</a> to determine the chances of Bitcoin hitting the $100,000 milestone this year.</p> 
<h2 class="wp-block-heading" id="h-btc-price-performance">BTC Price Performance</h2> 
<p>The BTC price trades at $69,533 with minimal intraday movement in the early Asian trading hours. Further, with radio silence over the weekends, Bitcoin remains over the $68,800 mark as the volumes shrink.&nbsp;</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXediIkGYFZanRxdMroTltPm484xPH8Jjr4oY5yB2AwM3NPw8-73le1ihTi1mJ66T6cjLUg9OrBnS-3CZlamtnXGVw0fgDDHOd0HXZdLwOFnKXLX4uTW_RyRE-9x-EtXkBxGpejuHrnuxfk_mKBbC8HMccvR?key=khh7d2PEM19Qp3MO7ECMng" alt="">
</figure> 
<p><a href="https://www.tradingview.com/x/U7slt0Ji/">Tradingview</a></p> 
<p>However, following the bearish reversal last week, the BTC price trend tests the support trendline of the ongoing recovery rally. Further, the underlying sentiment supports the possibility of a bullish comeback with an inverted head and shoulder pattern.&nbsp;</p> 
<p>With a resistance trendline acting as the neckline of the inverted head and shoulder, a bullish breakout will pump Bitcoin for a fresh bull run.&nbsp;&nbsp;</p> 
<h2 class="wp-block-heading" id="h-dovish-derivatives-tease-a-bull-run">Dovish Derivatives Tease A Bull Run</h2> 
<p>At press time, Bitcoin’s funding rate is at 0.00971315 per <a href="https://cryptoquant.com/asset/btc/summary">cryptoquant</a>, reflecting a cost to maintain long positions. Meanwhile, open interest has soared to $19.1 billion, marking a 2.51% increase in the last 24 hours and a 9.98% rise over the past week.&nbsp;</p> 
<p>The underlying sentiments are turning dovish with the improving data in the derivatives market. Hence, the derivatives market expects an uptrend in the BTC price. &nbsp;&nbsp;</p> 
<h2 class="wp-block-heading" id="h-where-is-bitcoin-headed-this-week">Where Is Bitcoin Headed This Week?</h2> 
<p>With the bullish momentum slowly gaining momentum, the Bitcoin price could lead to a breakout rally this week. According to trend-based Fibonacci levels, the bull run in the BTC price can target $81,873 or the 61.80% level this week.&nbsp;</p> 
<p>However, the FOMC meeting is a huge event that is a double-edged sword for Bitcoin. Hence, with the limited chances of a rate cut due to the jobs data, the price action trades await a breakout.&nbsp;</p> 
<p>On the flip side, a crash on June 12th can put stress on the support trendline and test the 50D EMA at $66,961 upon breakdown.</p>

Will BTC Price Reach $80,000 With The FOMC Meet This Week?

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