Can The Bitcoin Price Survive Today’s FOMC Statement? Here’s What Experts Think

The post Can The Bitcoin Price Survive Today’s FOMC Statement? Here’s What Experts Think appeared first on Coinpedia Fintech News

The Bitcoin price gained approximately 2.3% in the past 24 hours to trade around $28.6k on Wednesday, as the cryptocurrency market awaits the release of the United States Federal Reserve‘s third interest rate statements. However, fears of a possible further banking crisis following the First Republic Bank’s recent implosion have made many traders cautious.

Capitulation Fears Continue

Despite the rise in Bitcoin price, many traders remain cautious. The cryptocurrency was strongly rejected at $30k, and there is a significant possibility that it could be forming a head and shoulder pattern that often results in a downward trend.

Impact of Previous FOMC Statements on Bitcoin Price

During the previous FOMC statements, the Fed announced an increase of 25 basis points on the interest rate to 5%, resulting in Bitcoin’s price slipping from trading around $28.6k to about $26.6k. In contrast, during the February FOMC statement, which saw the Fed raise the interest rate by 25 basis points to 4.75%, Bitcoin price edged higher during the day but ended up losing value in the subsequent week.

Also Read: FOMC News: Here’s What Bitcoin (BTC) Traders Can Expect With FED Increasing Interest Rates

Analysts Forecasts

Experts are using technical analysis to try to formulate the crypto price action during the subsequent FOMC releases. According to cryptocurrency analyst Captain Faibik, Bitcoin price could hit $32.8k after today’s FOMC statement, relying heavily on the technical analysis that shows a widening wedge formation. A rise towards $32.8k could see the top digital asset enter the last phase of an Elliott wave that began earlier this year.