Originally published on: September 18, 2024
As Bitcoin struggles to stay above $60,000, investors are feeling the heat. With the Federal Reserve announcing interest rate decisions on September 18, the crypto market’s volatility is set to rise. But will this trigger a significant price movement? Experts weigh in on the potential impact on Bitcoin and altcoins, shedding light on crucial levels that could change the market sentiment.
According to BitMEX co-founder Arthur Hayes, the rate cuts may lead to a bearish trend as the interest rate gap between the US dollar and the Japanese yen narrows. On the other hand, Charles Edwards from Capriole Investments believes a dovish policy regime could reignite Bitcoin’s bull run.
Looking at the charts, Bitcoin is caught in a symmetrical triangle, signaling a tug-of-war between buyers and sellers. Failure to stay above the 20-day EMA ($58,639) could push the price down to $52,500, while a breakout above $61,200 might pave the way for a recovery to $70,000.
Ethereum is facing a similar dilemma, with crucial support at $2,397. A breach could cascade prices down to $2,000, but clearing the 50-day SMA ($2,553) could indicate a turnaround toward $2,850.
BNB, SOL, XRP, DOGE, TON, ADA, AVAX, and SHIB are also fighting their own battles, with pivotal levels determining their near-term trajectory. Whether the bulls or bears prevail, these cryptocurrencies are on the edge of a crucial breakout or breakdown.
In the volatile world of crypto, one move can change everything. As investors hold their breath for the Fed’s decision, the coming days could bring relief or renewed uncertainty to the market. Stay tuned for more updates on the evolving crypto landscape.
Disclaimer: This article does not provide investment advice. Readers are advised to conduct their own research before making investment decisions.
