Fed Seen Holding Rates Steady, but Policy Statement and Press Conference Will Be Key for Bitcoin

Bitcoin’s strong October breakout from the $27,000 area has been stalled in the $34,000-$35,000 area for the past week, perhaps awaiting fresh fuel. While any dovish signal from the Fed could provide a push out of that range, few are expecting it. “We still see another U.S. rate increase as unlikely in the current cycle,” Matthew Ryan, head of market strategy at Ebury, told CNBC. „As a compromise, we think that the Fed will stress that rate cuts are not on the cards anytime soon, with easing to begin no sooner than the second half of 2024.“