Bitcoin Price Prediction as Crypto Market Cap Slumps 6.4% – Time to Buy?

cryptonews.com:

Bitcoin’s (BTC) recent price trajectory has fueled speculation and uncertainty, particularly as the cryptocurrency struggles amidst a three-day losing streak. Currently hovering around $57,280, with an intraday low of $56,750, Bitcoin’s performance in the market remains lackluster .

This decline coincides with broader market movements, with the global crypto market cap slumping by 6.4%, standing at $2.22 trillion presently. Investors are closely eyeing the upcoming Federal Reserve interest rate decision, reflecting apprehension about its potential impact on cryptocurrency investments.

Bitcoin‘s price has declined over the last three days ahead of the Federal Open Market Committee (FOMC) meeting, with investors bracing for a potentially hawkish Federal Reserve (Fed) stance. The Federal Reserve’s policy committee is expected to affirm a cautious and gradual strategy towards reducing interest rates in 2024. However, greater focus may be placed on the Fed’s plans regarding its balance sheet.

The CME FedWatch Tool indicates a mere 4.4% chance of a rate cut, with 95.6% anticipating rates to remain steady between 525 and 550 basis points.  The Federal Open Market Committee will wrap up its two-day April policy meeting today and announce its decision at 2 p.m. Eastern Time. Fed Chairman Jerome Powell will then speak at a press conference starting at 2:30 p.m. Futures markets have largely priced in the likelihood of no adjustment to interest rates during this meeting.

Bitcoin (BTC/USD) encountered a substantial decline. It is now priced at $57,332, reflecting a 6.4% downturn. The pivotal price levels and indicators are essential to the technical landscape. At present, the pivot point rests at $59,008, with immediate resistance