• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee

Bitcoin Weekly Outlook: Milder Swings Expected Around FOMC Minutes

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0

Bitcoin (BTC/USD) is paring a portion of its recent gains entering the new weekly session, trading just a little over $57,000 after breaching $60,000 last week.

Bitcoin bullish bias weakens near $60,000. Source: BTCUSD on TradingView.com
Bitcoin bullish bias weakens near $60,000. Source: BTCUSD on TradingView.com

Investors have shifted their focus on the minutes from the Federal Reserve’s March meeting, coming out Wednesday in a relatively quiet macroeconomic week. The question remains how the US central bank would react to rising interest rates in the bond markets. A rate hike proposal could erase some gains off the Bitcoin market, which exploded against an ultra-loose policy environment.

Lower benchmark rates sap investors’ appetite for government bonds for returning dismissing yields. As a result, the United States attracts less foreign capital, which, in turn, hurts the US dollar demand. Additionally, the prospect of rising government debts also shifts investors to riskier alternatives, benefiting riskier assets like bitcoin.

So far, the cryptocurrency’s hardcore investors are relaxed, owing to the Fed’s “dot plot” of interest rate projections that signals no rate hikes until 2024. Nevertheless, compared to the end of the last year, more state-based central bankers have penciled in higher interest rates.

Federal Reserve's interest rate projections. Source: Bloomberg
Federal Reserve’s interest rate projections. Source: Bloomberg

Bitcoin investors could choose to focus on Fed’s statements on growth and inflation, especially after the central bank’s commitment to let the inflation rate run higher above 2 percent.

Potential Actions Ahead

The amount of fiscal stimulus released by Joe Biden’s administration has further increased inflationary risks hugely. Therefore, it is likely that Fed intervenes sooner or later by raising its rates to avoid aggressive upside ticks in consumer prices. Or, it could simply decide to intervene by purchasing longer-dated government debts.

All and all, Bitcoin looks attractive long-term, so any potential selling this week might not become a full-fledged bearish assault.

A team of strategists at JPMorgan & Chase noted that the BTC/USD exchange rate could reach $130,000 for as long as it challenges the gold’s status-quo as the leading hedging asset against fiat.

“Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies [a] big upside for bitcoin over the long term… Mechanically, the Bitcoin price would have to rise [to] $130,000 to match the total private sector investment in gold,” JP Morgan reportedly said.

Bitcoin Technical Outlook

Data on ByBt.com shows that around 12,000 Bitcoin tokens left exchanges in the previous 30 days. Meanwhile, the cost to purchase one Bitcoin is up 20.35 percent. The correlation between the two metrics represents traders’ willingness to hold their crypto investments than trade them for other assets.

Bitcoin balance depleting across exchanges. Source: ByBt.com
Bitcoin balance depleting across exchanges. Source: ByBt.com

Technically, a bitcoin above $50,000 represents a bullish outlook, given uncertainties around the Fed’s ability to pursue its dot plot. Short-term, the cryptocurrency looks it could maintain weekly support above $55,000. Should it sustain above the price floor, its likelihood of retesting $60,000 for a breakout will be higher.

Photo by Jeremy Bishop on Unsplash 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin

Bitcoin Roadblock Unveiled: Analyst Identifies Barrier Faced By The Top Crypto

10 hours ago
Bitcoin ESG

Bitcoin Is The Ultimate ESG Asset, Expert Validates

16 hours ago
Bitcoin

Six And Counting: The Global Bitcoin Billionaire Phenomenon Unveiled

3 days ago
Bitcoin price Fed

How Has The Fed’s Decision Impacted The Bitcoin Price? Crypto CEO Weighs In

3 days ago
Bitcoin

Bitcoin Next Moonshot? Santiment’s Intriguing Insights For Crypto Enthusiasts

4 days ago
Bitcoin shorters

Bullish Signal: Bitcoin Could Reach $30,000 As BTC Continues To Defy Shorters

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • VeChain (VET) and Avalanche (AVAX) Market Dilemmas: New...

    5 hours ago
  • Can Solana (SOL) and Ripple (XRP) Prices Make a Surprise...

    6 hours ago
  • Volatile Market, Yet Bitcoin (BTC) Reaches Monthly Peak...

    11 hours ago
  • Shiba Inu (SHIB) Into the Top Jobs Ecosystem, Pepe (PEPE)...

    12 hours ago
  • Top Trendy Tokens This September: Polygon (MATIC)...

    12 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.