Bitcoin’s price has experienced volatility in recent days, stabilizing near $87,850 after falling to $86,000 over the weekend. Investors remain cautious due to anticipated Federal Reserve decisions and mounting technical pressures. The U.S. central bank is expected to maintain interest rates between 3.50% and 3.75%, with no major changes anticipated. However, the meeting has attracted unusual attention amid political tensions, including former President Trump’s legal actions against Fed Chair Jerome Powell, raising questions about the bank’s independence and increasing market uncertainty. Continued selling pressure in the cryptocurrency market is evident, especially as significant outflows from Bitcoin exchange-traded funds (ETFs) listed on U.S. stock exchanges were recorded last week, totaling $1.33 billion—the largest weekly outflow in a year. Despite this, large corporations continue purchasing Bitcoin; a notable software company recently acquired around 3,000 Bitcoins, though this has not significantly impacted market prices. Technical analysts note that Bitcoin faced heavy declines after reaching a resistance level near $98,000 last week, dropping below the support level of $87,000. The $84,000 mark will be critical in the coming days; if the price stabilizes below this level, further declines toward the $72,000 to $68,000 range are possible. Overall, the market sentiment remains fearful, as indicated by the current low Fear and Greed Index. Nonetheless, some investors view the situation as a buying opportunity. The Federal Reserve’s upcoming decisions and global economic reports are expected to play a key role in determining market direction in the near future.
Source: bitcoinmagazine
