• Bitcoin’s price has been struggling below $17,000 for multiple weeks and recently dropped below $16,900.
• This could be attributed to the recent Federal Open Market Committee (FOMC) minutes, indicating the Federal Reserve System would stick with higher interest rates for the foreseeable future.
• Despite the recent dip, indicators are still positive about the Bitcoin price over the upcoming trading sessions.
The Bitcoin price has been on a rollercoaster ride in recent weeks, with its value oscillating between highs and lows. After reaching a peak of over $17,000 in late January, the digital currency has struggled to maintain its stability and has recently dipped below the $16,900 mark. This downward move on the Bitcoin chart could be attributed to the recent Federal Open Market Committee (FOMC) minutes.
The minutes of the meetings revealed that the Federal Reserve System would stick with higher interest rates for the foreseeable future. This news has evidently sent ripples through the market, causing participants to react negatively. As a result, the Bitcoin price has been struggling to break past the $17,000 mark, and it recently dipped below the $16,900 mark.
Despite the recent dip, technical indicators are still positive about the Bitcoin price over the upcoming trading sessions. From the daily chart, it can be inferred that BTC will make a recovery in the next trading sessions. Bitcoin continues to hold itself steady above the $16,600 price mark. Currently, the price of the asset is consolidated, with major altcoins following the same price trajectory. Over the last 24 hours, BTC slipped 0.6%.
The Bitcoin price at the moment is trading at a 76% discount from its all-time high of 2021. The market capitalization of Bitcoin decreased slightly, indicating that sellers outnumbered buyers at press time. The one-day chart of Bitcoin shows that the coin was priced at $16,700 at the time of writing. The coin recently lost the $16,800 support level, which could be a short-term glitch as BTC will soon initiate recovery on the chart. A slight push from the buyers will help BTC propel itself above the $17,000 mark.
Overall, the outlook for Bitcoin remains positive and analysts believe that the digital currency is well-positioned to continue its upward trajectory in the near future. With the recent dip, it is a good opportunity for investors to buy the asset at a discounted price and reap profits when the price rebounds.