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FOMC minutes released today are pivotal moment for bitcoin price

On On July 27th, the Federal Reserve held a meeting of the Federal Open Market Committee, and it is said that the minutes of the meeting will be released around 2:00 pm ET today.

Now, with inflation falling, markets are hopeful that the Fed may slow the pace of rate hikes, but it’s not clear yet.

While global markets await the release of the FOMC minutes, Bitcoin withdrawals on exchanges are reportedly on the rise.

Bitcoin price, which has been trading around $24,000 for most of the past few weeks, has now dropped to the $23,000 level. The upcoming release of the FOMC minutes report of the Federal Reserve may influence further Bitcoin price action.

Federal Reserve Chairman Jerome Powell informed consumers that an unusually sudden surge could affect Bitcoin’s price action.

Right now, the eyes of all market participants are on the release of the FOMC minutes before choosing their next move. Investors are most likely to withdraw their holdings from exchanges if the flagship currency unexpectedly surges as predicted by Powell.

Bitcoin price finds its time?

The Federal Open Market Committee recently said that interest rates rose by 75 basis points, and the drop in spending has investors worried about another global recession. The US will release its July retail event today at around 12:30pm GMT.

On the other hand, a cryptocurrency analyst known as @PostyXBT sees a price of $22,500 as a dull moment. Analysts thus imply that the bullish theory will disappear. If this happens, Bitcoin price could drop to $20,000 or even lower.


$22,500 is ‘lights out’ level for me.

This means that we are seeing a confluence from the recent higher low and the breakdown of the rising wedge.

Until that happens, support is support.

— Posty (@PostyXBT) August 17, 2022

Instead, another trader @EtherNasyonal has the opposite approach. He believes that Bitcoin is now at an important buying level, so he says this is the right time to start collecting Bitcoin. This is because traders claim this is when the asset starts to surge in the coming days.

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