Bitcoin Bull Run Ahead of FOMC Meeting: Will $27K Hold?

Bitcoin Bull Run Ahead of FOMC Meeting: Will $27K Hold?

Bitcoin market experts are closely monitoring the cryptocurrency’s price movements. The Federal Open Market Committee (FOMC) prepares to announce its latest interest rates decision. As of September 20, Bitcoin’s bull run maintained its position at $27,000 (Bitcoin to euro – €25,150), a pivotal level for the digital currency.

Market Readies for BTC Volatility

Data from Cointelegraph Markets Pro and TradingView indicate a shift in focus towards Bitcoin’s price compared to the previous week. Market sentiment expresses confidence in the United States Federal Reserve’s stance on interest rates. The FOMC’s announcement, scheduled for 2 pm Eastern Time, is expected to maintain the current rates, with a 99% probability, according to experts.


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Analysts Predict Short-Term Fluctuations

Despite widespread expectations of a status quo, analysts anticipate short-term Bitcoin volatility. Material Indicators, analyzing the BTC/USD order book on Bitcoin farm, noted thin liquidity around the spot price. They suggest that Fed Chair Jerome Powell’s subsequent speech and press conference may lead to “spicy” BTC price action.

Traders Eye Key Levels for Bitcoin Bull Run

Bitcoin traders are closely observing critical levels during the FOMC reaction. Market participants, including Jelle and trader Skew, foresee potentially choppy waters and an active trading environment. Crypto Tony emphasized the importance of the $26,800 support zone for Bitcoin bulls, underlining its significance in maintaining long positions.

Ethereum’s Struggle and Bitcoin Revival: Dipping to a 14-Month Low

Recent data indicates a decline in Ethereum (ETH) compared to Bitcoin (BTC), with the ETH/BTC ratio hitting a 14-month low. This trend, ongoing for over a year, recently reached a near 0.0602 ratio, the lowest since July.

Bitcoin Recovery: Dominance Continues

Marcus Thielen, head of strategy and research at Matrixport, supports Bitcoin’s sustained outperformance of altcoins. He highlights the decreasing protocol revenues for Ethereum over the last three months. Analyst Benjamin Cowen shares a similar perspective, predicting a significant downward move.

Whale Activity Sparks Concern

This trend aligns with potential whale activity. Large wallet holders, including Ethereum co-founder Vitalik Buterin, have transferred substantial amounts of ETH to exchanges, indicating potential sales. Further significant transfers have raised concerns among ETH investors.

Optimism for Ethereum’s Future

Despite current challenges, optimism persists for Ethereum’s future. The anticipated approval of an Ethereum futures ETF in mid-October could stimulate institutional interest and demand. While Ethereum may face short-term dips, the entry of institutional investors is expected to drive higher ETH prices.

Current Status of Ethereum

As of the latest data, ETH is trading at $1,630, with investors closely monitoring developments in the coming weeks. This represents a more than 65% drop from its all-time high of $4,878 reached almost two years ago. At the moment, Ethereum indicated a very low consumer sentiment ahead of the Bitcoin bull run.