He Bitcoin It fell 0.7% in the last 24 hours and stood at around US$25,900, while Ethereum fell to US$1,740 awaiting decisions to be made by the Federal Reserve in relation to its rate policy. On this day of Wednesday, June 14, a token that shoots up 10% stands out.
The token in question refers to Ripple (XRP) which in the last 24 hours has risen by 10%
The future of the Bitcoin price
“Bitcoin continues to resist the massive bearish battle that the market has mounted. Traders are now focused on the next policy move from the Federal Reserve (Fed), and believe that the price could see some relief rally as the dollar index could plummet if the Fed leaves the interest rate where it is. ”explained Naeem Aslam, chief investment officer at Zaye Capital Markets.
According to this expert“one or more inflation readings” like this Tuesday would make it “more likely” that the dollar index “collapse”, which “could benefit the price of BTC”.
What is the expectation around the Fed
In this sense, this Wednesday the latest monetary policy decision of the Fed will be announced, which will give way to the meetings of the European Central Bank (ECB) and the Bank of Japan (BOJ) on Thursday and Friday, respectively. The consensus seems to be clear that the US central bank will leave rates at their current level, although most analysts also warn that the cycle of hikes is not over yet.
“Whatever pause we may see this week will be accompanied by an aggressive statement and a threat that the Fed could resume its rate hikes at the next meeting.”says Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
Others, like Edward Moya, a senior analyst at OANDA, believe that the May inflation data in the US “is fueling this bull market.” “Wall Street is becoming a bit optimistic that a June FOMC jump could eventually turn into a July pause,” adds this expert, who believes that bitcoin “It is holding steady around the $26,000 level as investors consider reducing exposure to altcoins and increasing holdings” of the leading cryptocurrency.
For his part, Aslam believes that many investors are also keeping a close eye on BTC’s correlation with riskier assets, as if the Fed pauses interest rates, “traders are likely to become bolder in supporting more risks, which should help the BTC price.”
Source: Ambito
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