Bitcoin drops to $63K, fails to rebound after Fed hints at future interest rate cuts

Bitcoin opened the week with a sell-off to $63,000, and the intra-day trend was not impacted by United States Federal Reserve Chair Jerome Powell’s statement that additional rate cuts were part of the Fed’s plan. Despite the correction, Bitcoin price remains on track to close Q3 with positive returns.

“This is not a committee that feels like it’s in a hurry to cut rates quickly.”

“Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course. The risks are two-sided, and we will continue to make our decisions meeting by meeting,” Powell added.

Prior to the remarks, markets expected the FOMC to reduce interest rates by a further 0.5% at its next meeting.

Bitcoin traders still expect a bullish Q4

Data from CoinGlass shows Bitcoin’s price on track to finish Q3 0.6% higher and 7% higher in September.

“100% of the years with a green September had a green October, November and December. Q4 starts tomorrow.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.