When will the US interest rate be announced? What will be the reaction of Bitcoin?
As the time of the possible announcement of the interest rate cut by the US Federal Reserve is approaching, analysts and digital currency market activists are carefully examining the possible effects of this important economic event on the price of Bitcoin (BTC). In this report, we examine the predictions of experts and factors affecting the future of the digital currency market.
Bitcoin price analysis and the effect of interest rate reduction on it
According to Newsbtc (Newsbtc), as the time for the interest rate cut by the US Federal Reserve is approaching, the analysts of QCP Capital, one of the leading companies in the trading and marketing of digital currencies, have made their prediction about the impact of this event on the price of Bitcoin. Coins have been presented.
According to these analysts, the non-farm payrolls (NFP) report and gross domestic product (GDP) data due out on Friday will play an important role in shaping Bitcoin market sentiment. These economic indicators are expected to provide a clearer view on the possibility of the start of the interest rate reduction cycle by the Federal Reserve at the next meeting of the Federal Open Market Committee (FOMC) on September 18 (28 September).
The impact of economic data on Bitcoin market volatility
QCP analysts have stated that the wait for the release of these economic data has led to the cautious stance of market participants. This suggests the possibility of limited volatility for Bitcoin in the short term.
The US non-farm payrolls report, which is scheduled to be released by September 6, is one of the most important economic indicators that can influence the Federal Reserve's interest rate decisions. The previous report, released in early August, showed a rise in the US unemployment rate from 4.1% to 4.3%, which caused a significant fall in global financial markets. The increase fueled concerns that the Federal Reserve is lagging behind in adjusting rates.
In addition to employment data, the US GDP report due out today could also impact Bitcoin price performance. However, analysts at QCP Capital believe that the report's impact on the cryptocurrency market will be limited. they stated
Tonight's US Gross Domestic Product (GDP) report is unlikely to be a major event for the cryptocurrency market, especially if it reinforces the current narrative of a slowing US economy.
Bitcoin market performance and price outlook
Amid these upcoming economic developments, Bitcoin has returned to the bearish trend after a short-term price growth and passing the price of $61,000 the previous day.
Currently, Bitcoin is trading at $58,985, representing a decrease of 1.21% in the last 24 hours. This decline has led various market analysts to present their updated views on the short-term forecast of this asset.
For example, Elja Boom, one of the well-known cryptocurrency analysts at Platform X, commented on the current price stabilization and said:
There is still no sign of the price range breaking. Price stabilization can continue until October. I believe the price range will break in the fourth quarter of the year, but before then, we will see limited volatility.
Meanwhile, another analyst named Titan of Crypto has provided a short-term analysis and identified a key resistance level for the price of Bitcoin. The analyst identified the $59,600 price level as an important support for Bitcoin.
According to this analyst, if Bitcoin can retrace this price level and cross Ebraichimoku, it will turn from resistance to support and this could lead to a significant upside for Bitcoin.
summary
As the time of possible interest rate reduction by the US Federal Reserve is approaching, the digital currency market, especially Bitcoin, is waiting for a reaction to this important economic event. Analysts believe that upcoming economic data, including employment and GDP reports, will play an important role in shaping future market trends. However, forecasts indicate the possibility of limited fluctuations in the short term. Investors and market participants should carefully monitor these indicators and market reactions in order to make more informed decisions about their investments.
