Bitcoin Price Prediction: Significant Drop of Over 5% Raises Concerns - Can BTC Find Support Above $24,000?
The recent significant drop of over 5% in Bitcoin's price has raised concerns among investors and traders.
As the world's leading cryptocurrency, Bitcoin's price movements often significantly impact the broader market.
The question now is whether Bitcoin can find enough support to prevent further declines and stabilize above the crucial $24,000 level.
In this Bitcoin price prediction, we will analyze the current market conditions and key factors that could influence the future direction of BTC.
After a series of 10 consecutive rate increases since March 2022, the United States Federal Reserve has opted to maintain the federal funds rate at its current level this month.
The decision comes in light of indications pointing to a modest uptick in economic activity, as highlighted in the FOMC statement, which also acknowledges the strength of job gains and the low unemployment rate.
The FOMC's ongoing objective remains to reduce inflation to the target range of 2% to 3%, as outlined in the Fed's release.
The latest data on the consumer price index (CPI), released by the US Bureau of Labor Statistics this week, reveals a moderation in inflation, with the annual rate dipping to 4%.
To achieve the goals of 2% inflation and full employment, the FOMC has chosen to maintain the target range for the federal funds rate at 5 to 5-1/4 percent.
Following the announcement, all four major stock indexes on Wall Street experienced declines, with a slight dip in the cryptocurrency market.
However, spot prices for gold and silver increased in response to the Fed's latest statement.
In Jerome Powell's press conference following the FOMC meeting, Powell said, "Nearly all committee participants expected it will be appropriate to raise interest rates
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