Bitcoin Flat As Market Focuses On Fed

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Bitcoin Flat As Market Focuses On Fed

Bitcoin Flat Near $67000 As Market Focuses On Fed

Bitcoin (BTC) is trading almost flat near the $67K handle after making a strong rebound on Saturday & Sunday. Bitcoin (BTC) is in a rangebound movement as investors are cautious about how the Fed will approach its rate policy.

Bitcoin (BTC) has been trading at $67148 with very little movement during the last 24 hours. Overall, Bitcoin (BTC) seems to be stuck in the range of $60K - $70K, which was established in March 2024.

Bitcoin (Btc) Under Pressure On Steady Dollar

What is even worse is that there are not enough catalysts that hint at any immediate breakout for Bitcoin (BTC). So, it seems that the BTC investors will be getting clues from Fed speakers to find the next direction.

While the Bitcoin (BTC) demand remains weak, a strong rally is seen in the metal markets such as Copper & Gold. In fact, both the Gold & Copper are printing at record highs, which is rather strange given the positive correlation of BTC.

The main focus for the Bitcoin (BTC) investors will be entirely on the Federal Reserve. To be more precise, the investors want to know whether there will be any rate cut this year or not.

Meanwhile, the USD is recovering from its losses, which is also putting a stop to any upside in Bitcoin. According to experts, the geopolitical tensions around the world also favor assets such as Gold and USD.

Another catalyst for a weak Bitcoin (BTC) is the fact that hype over the BTC-based ETF funds has also slowly died. So now, the focus is back on how the interest rates remain high around the world.

Just like the BTC, a lot of altcoins remain rangebound with little movement during the Monday. A look at ETH shows it is trading near $3132 with a +0.4% change for the day. Similarly, the SHIB and DOGE are down by 0.7% and around 2.9%, respectively.

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