FOMC - Bitcoin's Direction Ahead Of 'Huge' FOMC Meeting And Key CPI Data: Up Down Or Sideways? | Benzinga
Cryptocurrency markets are awaiting a potentially pivotal Wednesday, with the Federal Open Market Committee (FOMC) meeting and key US inflation data releases looming large.
What Happened: Crypto analyst Ted highlighted significant market-moving events that could impact Bitcoin (CRYPTO: BTC) and other cryptocurrencies.
Ted detailed the implied weekly ranges for Bitcoin and Ethereum (CRYPTO: ETH): Bitcoin is expected to fluctuate between $64,900 and $74,300, and Ethereum between $3,399 and $4,014.
“Week Size = Huge: June FOMC + US Inflation Data to Move Markets,” Ted tweeted, emphasizing the potential for significant volatility.
Last week’s robust employment data has dampened hopes for an imminent rate cut, impacting both the crypto and stock markets.
“The market now almost completely pricing out a July rate cut by the Fed, with the probability of a cut lower by ~10% when compared with this time last week,” Ted noted.
Bitcoin, along with other cryptocurrencies, has borne the brunt of this decreased risk appetite. For the first ...