After the Bitcoin price rose to the $20,000 range, the main cryptocurrency froze in indecision, or rather,market participants took a break until the next meeting of the Fed.
Experts are considering three possible options that the Fed will take on the interest rate today.
Probability of an interest rate hike
Regardless of the Fed's decision, traders should beready for a surge in volatility and keep a close eye on certain bitcoin price levels. In addition, the relative strength index (RSI) indicates a slowdown, which often leads to a price reversal.
Traders should pay close attention to the $19,700 support level and the area below it extending to $19,315. Investors looking to buy BTC can do so at the indicated levels.
If the Fed changes its stance to a softer one,there is a high chance that overshadowed buyers will intervene, triggering a move higher. In this case, we can expect BTC to rise to $22,106, and the increased hype will push the price to a psychologically important level of $25,000.
BTC/USDT Daily Chart
If there is a jump of more than 75 basispips, investors should brace themselves for the move to plunge BTC to $19,315 and possibly the June 18 swing lows of $17,593.
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