Bitcoin’s failure to hold $60,000 shows hesitation to buy at higher levels before the FOMC decision on Sept. 18.
Bitcoin’s (BTC) failure to maintain above the psychologically crucial $60,000 level shows that buying dries up at higher levels. The nervousness could be due to the uncertainty regarding the extent of the rate cut by the Federal Reserve on Sept. 18 and the subsequent reaction by the markets.
Some analysts believe the rate cuts will be bullish for the crypto markets. Trading firm QCP Capital told its Telegram channel subscribers to prepare for complementary scenarios for risk assets and cryptocurrencies.
“Despite some short-term uncertainty and potential drawdowns, we still favor locking in yields ahead of the rates cut and positioning for bullish scenarios,” the firm said.
