Bitcoin has dropped 0.7% over the past 24 hours, trading at $20,417 at the time of writing. The price of Bitcoin has not moved much in the last 24 hours as traders await to see the Federal Reserve’s decision regarding interest rates.
Bitcoin price analysis
The price of Bitcoin has shown low volatility in the past 24 hours, as it has traded between $20,285 and $20,563. Bitcoin’s trading volumes currently stand at over $29 billion, which is a healthy volume, explaining why the slight movements have happened in the past day.
Bitcoin’s price movement in the coming hours will be largely determined by the decision that the Fed will make regarding interest rates. If the decision is bullish and creates optimism regarding the market, Bitcoin will likely test the higher resistance at $20,800, and the coin will set the next short-term target at $21K.
On the other hand, Bitcoin’s trend could turn bearish if the Fed shows a hawkish stance. In this case, the price will likely drop to $19K, and it will continue consolidating at these prices before any positive developments trigger a bull run.
Bitcoin’s Relative Strength Index (RSI) currently stands at 47, showing a neutral zone between the overbought and the oversold levels. At these levels, it remains uncertain where Bitcoin will head as traders wait for news on the fed decision on interest rates.
On the other hand, the Moving Average Convergence Divergence (MACD) line is moving below the signal line, which indicates that the current is bearish. The movement of this line indicates that the price could head lower in the short term if the sentiment is not reversed.
Markets await the Fed’s decision on interest rates
The financial markets are eagerly waiting for the Federal Reserve’s decision regarding interest rates. The Fed is expected to raise the interest rates by 75 basis points, which could trigger dips across the market.
Besides raising the interest rates, investors are hopeful that the Fed will share information about its future policy plans and decide on whether the interest rate decision will slow or be halted entirely, which could prompt a recovery in the market. If the Fed relaxes its hawkish stance, Bitcoin will likely rally higher.
Altcoins to consider buying
As the market remains uncertain about the decision to be made by the Fed, traders can choose to invest in three of the best-performing presales.
One of these presales is for Dash 2 Trade. Dash 2 Trade is a new cryptocurrency project focused on giving crypto traders access to trading signals that will assist them in making informed decisions. D2T could be the next token to explode, and its presale has already raised more than $4.17 million.
The other presale you might consider investing in is for IMPT. IMPT is the native token for IMPT.io, a blockchain-based project focused on helping individuals and companies lower their carbon emissions. The IMPT presale has already raised more than $11.93 million.
Thirdly is the Calvaria presale. Calvaria is a blockchain gaming platform that, unlike others, is committed to accommodating non-crypto players. The RIA presale has raised more than 1.14 million USDT.