Bitcoin price slips below $47K as stocks, crypto prepare for this week’s FOMC meeting

Bitcoin price slips below $47K as stocks, crypto prepare for this week’s FOMC meeting

The price of Bitcoin slipped below $47,000 on Wednesday morning as the market prepared for this week’s Federal Reserve meeting. The uncertainty in markets is widespread and many experts say a pullback like this could be an opportunity to buy more coins on the cheap.

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The “next fed meeting” is a key event for the cryptocurrency market. The FOMC meeting will be held on Wednesday, September 26th.

Bitcoin price slips below $47K as stocks, crypto prepare for this week’s FOMC meeting

Bitcoin (BTC) bulls are on the defensive again after the breakthrough momentum that sent the price over $50,000 over the weekend vanished, pulling the price below $47,000. The minor decline in equity markets and the approaching Federal Open Market Committee (FOMC) meeting, according to analysts, are the key reasons for today’s drop, and some predict a return to the swing low at $42,000. 

Bitcoin price slips below $47K as stocks, crypto prepare for this week’s FOMC meeting4-hour chart of BTC/USDT. TradingView is the source of this information.

Here’s what experts are saying about Bitcoin’s recent price movement and what they forecast in the near future.

Markets are under pressure as a result of Fed taper discussions.

According to a recent analysis from Delphi Digital, “the new tightening by global regulators and Fed tapering has already prompted markets to reprice,” the present headwinds confronting BTC are mostly affected by regulatory problems in the United States.

According to Delphi Digital,

“BTC has lost about 20% of its value since the November FOMC meeting, making it one of the worst-performing assets relative to conventional asset groups.”

While many traders are holding out hope that this is simply another shakeout before the price rises, cryptocurrency expert and pseudonymous Twitter user ‘CryptoCapo’ provided some encouragement after uploading the chart below comparing the current price movement to the September price drop.

Bitcoin price slips below $47K as stocks, crypto prepare for this week’s FOMC meeting4-hour chart of BTC/USD. Twitter is the source of this information.

According to CryptoCapo,

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“These two adjustments have a lot in common. The same three-wave movement pattern is used. The bottom formation is the same (3 touches). Negative rates on the same funding+premium. Before the last move down, there was the same concealed bearish divergence.”

Below $46,500, look for a bullish divergence.

Analyst and Cointelegraph writer Michal van de Poppe provided more insight into the price activity for BTC, posting the following chart, adding that the “market is sliding down as resistances on Bitcoin are rejected.”

Bitcoin price slips below $47K as stocks, crypto prepare for this week’s FOMC meeting3-hour chart of BTC/USD. Twitter is the source of this information.

According to Poppe,

“It seems to me that we’re waiting for a bullish divergence to form under $46.5K in order for a reversal to occur.”

Whales may be able to secure the next Bitcoin price spike thanks to a “monster bull move”

This is “nothing out of the norm” in terms of price activity.

Market expert and anonymous Twitter user ‘Rekt Capital’ offered some last comfort, posting the chart below and noting that “BTC downward sliding below the red weekly support region has occurred numerous times in the past (orange circles).”

Bitcoin price slips below $47K as stocks, crypto prepare for this week’s FOMC meeting1 week chart of BTC/USD. Twitter is the source of this information.

This latest drop, according to Rekt Capital, is normal and nothing to be worried about in the long run.

He said,

“At current prices, this kind of downward volatility is nothing out of the usual.”

The total cryptocurrency market capitalization is currently $2.152 trillion, with Bitcoin commanding 41.5 percent of the market.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

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