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Bitcoin holds at the $34K value region on the last weekend before the Federal meeting scheduled for 31 October and 1 November 2023. Meanwhile, Fed Chair’s comment on the United States economic outlook would likely impact stock and crypto prices.
Potential rate hike pause and crypto reactions
The financial world seems to approach the Federal week in a more relaxed way compared to previous conferences. While market players remain confident the Fed will introduce a rate hike ceiling during the next FOMC meeting, chances of rate increases in the 13 December 2023 meeting leaves room for past warnings by the Federal officials.
Garry Gensler had warned that most central banks prefer more rate surges if necessary, depending on the updated unemployment and inflation data.
Meantime, the PCE data shows inflation weakening as the Federal Reserve continues to tighten. Developments like credit tightening and balance sheet narrowing lead to outcomes similar to rate hikes. That supports the narrative of the rate ceiling on Wednesday.
Cryptocurrencies outlook
The FedWatch Tool cancels the expectations that the Federal Reserve will shift its rate target during the upcoming FOMC conference. Nonetheless, a 0.25% hike is probable. Thus, hints of rate hikes for the upcoming Fed sessions by Powell might catalyze price reactions in Bitcoin and the cryptocurrency market.
Bitcoin traded at $34,102 during this press time, gaining 0.08% and over 13% within the last 24 hours and week, respectively. Meanwhile, players seem not used to BTC’s current prices as the crypto’s swift move past $31K and $31.8K resistances surprised many.
Bitcoin gained more than 20% in October, and it remains crucial to see how the bellwether crypto interacts with the $35K resistance next week.
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