Bitcoin price is sitting at $74,100, up 0.4% on the day as markets are holding their breath ahead of Wednesday’s Fed announcement.
The Fed is walking into this meeting with oil above $100 and Middle East tensions complicating the inflation picture. A hold at 3.50 to 3.75% is already priced in. What Powell says after is what actually matters.
The recent recovery looks promising on the surface. Bitcoin has gained roughly $3,933 over the past six days. But the volume behind the push above $74,000 is thin. Institutional conviction is on pause until the FOMC statement drops.
Senior PrimeXBT analyst Jonatan Randin flagged it directly. A sell the news pattern has played out after 7 of the last 8 Fed meetings. The setup for another one is right there.
Bitcoin Price Prediction: Can Bitcoin Sustain Momentum to $80,000?
Bitcoin is testing the $69,000 to $74,000 resistance band. A decisive close above it validates the rally. Fail to hold and the move looks increasingly like a bull trap.
Oil volatility and the FOMC are running the show right now. On-chain metrics are taking a back seat.
The key level is $70,000. Bulls need to flip it from ceiling to floor. If Powell sounds flexible rather than hawkish, a relief rally toward $80,000 opens up. If the sell the news pattern repeats, $67,000 and the moving averages below become the base case.
Randin put it plainly. This rally lacks the hallmarks of a genuine risk-on signal. Investors are hedging, not accumulating aggressively. The liquidity at these highs is thin.
The market needs a trigger. Without Middle East de-escalation or a dovish surprise from Powell, the upside is capped and the consolidation drags on.
Post-FOMC volatility will give traders the direction they have been waiting for. Until then, nobody is committing.
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The post Bitcoin Price Prediction: Analyst Warns Bitcoin Could Repeat the Sell the News Trap — Will Powell Break the Pattern This Time? appeared first on Cryptonews.