Most Bitcoin traders are in a wait-and-see mode ahead of the US Federal Reserve’s upcoming interest rate decision this week.
Awaiting the Fed's Decision
Most Bitcoin traders are reportedly holding off on their next moves, waiting to see what the US Federal Reserve decides on interest rates this week. Analysts believe that the Fed Chair’s statement will give Bitcoin traders a clue about where the cryptocurrency might be headed next.
Key Bitcoin Price Level
Data from TradingView showed Bitcoin trading at $83,680. However, analysts see the area between $85,000 and $87,000 as a key liquidity zone. Because of this, how Bitcoin acts around this price could significantly impact market sentiments and decide what many traders and investors do.
Potential for Further Growth
Currently, many crypto users think Bitcoin is in a buying opportunity phase, especially those who have held it for three to six months. Analyzing past Bitcoin behavior, analysts predict that the main cryptocurrency could jump to $126,000 by June.
The Fed's decision could greatly impact Bitcoin's next move, and traders are hoping to find a key to their strategies in the announcement.
