Bitcoin Price Forecast Post FOMC Meeting; Which Way Is It Headed?

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Even after the Federal Reserve’s interest rate announcement, the European session Bitcoin price forecast is optimistic. On Wednesday, the Federal Reserve announced yet another rate rise; this time by a full 0.75 percentage points more than the previous two, in an effort to reduce inflation.

While a hike in interest rates will help curb inflation by preventing people from acquiring additional debt, it will also force many Americans, who are having a hard time keeping up with the growing cost of living, to pay more each month just to stay up with their debt service payments. 

No Signs of a Reduction in Inflation 

In order to combat inflation, the Federal Reserve has raised interest rates by 0.75 percentage points. When Fed Chair Jerome Powell said it was too soon to talk about putting a temporary stop to the hikes, the market responded badly.

Although it has decreased from its 9.1% high in June to its 8.2% low in September, the Consumer Price Index shows that year-over-year inflation has maintained stubbornly high. That’s a lot higher than the government’s goal inflation rate of 2% a year.

The Fed may decide to slow the pace of future interest rate increases from the usual three-quarter point jumps at its December 2022 meeting. On the other hand, it might cause a larger increase in rates than anticipated. The path to a soft landing for the economy has narrowed, and Mr. Powell has made that obvious. What the market took out from his remarks was that he wants people to understand their commitment to addressing this issue in the greatest possible manner.

The Road Ahead for Bitcoin’s Price

At this time, one bitcoin is worth $20,302, and the amount of Bitcoin trades in a day is $43 billion. Its live market cap is about $389 billion as per CoinMarketCap and is down from $392 billion since the day before.

Trading in BTC/USD is now bearish as the cryptocurrency’s value dropped below a crucial support level of around $20,330. If BTC prices continue to close below this level, it might signal a major selling trend in addition to Bitcoin’s 20% break below the rising trendline that was providing resistance at $20,300.

Price drops for Bitcoin are anticipated to continue till they hit $19,984. As this MACD and RSI have moved into the selling zone, traders should now seek for opportunities to sell over $20,330. 

However, if the BTC price were to break out over $20,330, it might reach $20,800 or $21,270. Bitcoin’s price may break beyond the $21,000 mark if demand increases and it breaks through the $20,800 level of resistance. If Bitcoin can break out decisively over the $21,000 level, it may hit $21,450.

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