• The recent Federal Open Market Committee (FOMC) minutes have caused Bitcoin to dip below the $16,900 mark.
• Bitcoin is currently consolidating above the $16,600 price mark.
• The technical outlook of the asset has reflected a fall in accumulation, but indicators are still positive about the Bitcoin price over the upcoming trading sessions.
The Bitcoin price has been struggling to stay above the $17,000 mark for multiple weeks now, and has recently dipped below the $16,900 mark. This downward move on the Bitcoin chart can be attributed to the recent Federal Open Market Committee (FOMC) minutes, which revealed that the Federal Reserve System will continue to maintain higher interest rates for the foreseeable future. This news has evidently sent ripples through the cryptocurrency market, causing participants to react negatively.
However, despite the recent dip in Bitcoin’s price, the asset is still holding steady above the $16,600 price mark. At the moment, Bitcoin is consolidating and major altcoins are following a similar price trajectory. Over the last 24 hours, BTC has slipped 0.6%. The current Bitcoin price is trading at a 76% discount from its all-time high of 2021. The market capitalization of Bitcoin has also decreased slightly, indicating that sellers outnumbered buyers at press time.
Analyzing the one-day chart of Bitcoin, it can be seen that the coin is currently trading at $16,700. The coin recently lost the $16,800 support level, however, this is only short-term as BTC will soon initiate recovery on the chart. The technical outlook of the asset has reflected a fall in accumulation, but indicators are still positive about the Bitcoin price over the upcoming trading sessions. This means that with a slight push from buyers, BTC could propel itself above the $16,800 support level.
Overall, the current market conditions suggest that the Bitcoin price is likely to make a recovery over the next trading sessions. It is important to note, however, that the cryptocurrency market is highly volatile and the prices can change drastically at any given time. Therefore, investors should remain cautious and only invest in Bitcoin after doing their own research and due diligence.