Cryptocurrency

FOMC

Bitcoin

Impact

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s short-term sentiment is not bullish, but a move towards $67k could be possible.</li> 
 <li>Expectations for September and macro news events have impacted Bitcoin negatively.</li> 
</ul>  
<h2 id="bitcoin-s-influence-on-the-crypto-market">Bitcoin’s Influence on the Crypto Market</h2> 
<p>Bitcoin [BTC] is considered the king of crypto, due to its robust nature and being the earliest in the market. <br> Its price movements largely sway the crypto market, often answering the question of why crypto is down on any given day. </p> 
<p>ETF flows have been quiet for the past two days, indicating a short-term bearish sentiment, but this is unlikely to determine the long-term trend. <br> This is largely due to liquidity and broader market expectations. </p> 
<h2 id="impact-of-fomc-meeting">Impact of FOMC Meeting</h2> 
<p>The US Federal Reserve’s decision to maintain its benchmark fed funds rate within the 5.25%-5.5% range did not provide any positive indications about a possible rate cut in September. <br> The market, as shown by data from the CME FedWatch, does not expect a mid-September rate cut. </p> 
<p>This hawkish news may have contributed to the fall in Bitcoin’s prices. </p> 
<p>Crypto analyst Axel Adler noted that the net taker volume has shown predominantly bearish pressure over the past two months. <br> The difference between taker buy and taker sell orders can provide insight into the market sentiment. </p> 
<p>The liquidation cluster at $63.7k-$63.9k was reached, and the price has begun to move away from it. <br> The short-term liquidation heatmap indicates that $67k is the next target. </p> 
<p>Overall, the market sentiment was bearish and the September expectations of a rate cut have been numbed. <br> This explains why the crypto market prices and sentiment were down in the past couple of days. </p>

Understanding September’s Role in Today’s Cryptocurrency Downturn

Table of Contents

CoinEagle.com

Other articles published on Aug 2, 2024

SlowMist Monthly Security Report: Total Losses For July Approximate $279 Million

Looking Back at Pi Network’s ‘Pi2Day Challenge’

BNB Chain Announces Winners of Second BNB Incubation Alliance Round

Discover the Best Ongoing Presales in 2024: Sandbox Insights

First Cryptocurrency Move Made by Kamala Harris! Harris' Team to Meet with Crypto Barons in a Sec...

Bitcoin Deposit Bonuses for New Customers

Join our free newsletter for daily crypto updates!