Bitcoin has once again risen above $83,000 following a period of volatility. This week, the FOMC meeting in the US is a key event to watch.
Bitcoin Price Recovery
Bitcoin's price fluctuated in the past 24 hours, reaching $84,000 on March 16 before dropping to $82,000 and rebounding above $83,000. This comes as anticipation builds for the upcoming FOMC meeting, which could influence the coin's trajectory.
Next FOMC Meeting – March 19
On March 19, the FOMC will present economic projections and statements regarding potential interest rate cuts. Historically, rate cuts have supported Bitcoin's price increase. However, according to CME Group, there is a 1% chance of rate cuts this week.
Optimism in the Crypto Markets
Despite a low probability of rate cuts, the crypto market has reasons for optimism due to increasing global adoption. In the US, institutional adoption is on the rise, while Russia utilizes Bitcoin and crypto for oil trades with China and India. The US is also set to codify Trump's Executive Order on a strategic Bitcoin reserve.
The crypto market shows resilience and optimism ahead of the FOMC meeting and amid global Bitcoin adoption.
