At a time when the spot Bitcoin ETF mania is gripping the crypto market, the Bitcoin (BTC) price continues to remain in the relatively weaker zone. However, analysts predict that a show of strength around certain price points could mean the cryptocurrency has underlying recovery strength.
In the near term, the Bitcoin price could witness volatility around the Federal Open Market Committee (FOMC) meeting scheduled for September 19-20, 2023. According to the CME FedWatch Tool, traders foresee a 93% chance of the US Federal Reserve maintaining the current target rate of 525-550 bps.
Going by the recent FOMC meetings and the surrounding BTC price movements, there may not be much volatility if the Fed officials announce a no-rate hike decision. However, traders would be looking for Fed Chair Jerome Powell’s statement on the forecast for upcoming meetings.