Bitcoin Update: Crucial Insights Before Fed Rate Cut Decision
I've got some important updates for you. We're closely watching Bitcoin, and things are looking bearish right now. There's support around $56,700; ideally, we'd like to see it held there for a few days. If that doesn't happen, the next support level to watch is $54,000.
Now, the big news is about the Fed's decision on interest rates this Wednesday. It's difficult to predict the market's direction at the moment, as everything hinges on that rate cut. Until the Fed makes its move, the market's reaction remains uncertain.
According to the FedWatch Tool, there are two possible outcomes for the rate cut, with odds provided by the CME Watch Tool as of Monday. There's a 33% chance of a 0.25% rate cut, while a 67% chance points to a 0.5% cut. As of now, it seems the market is leaning towards a 0.5% cut, but we’ll know for sure on Wednesday.
For my part, I'm taking a cautious approach and sitting on the sidelines until we see how the market reacts after the Fed's decision. This isn't financial advice, just sharing my strategy. If you have any questions, feel free to leave them in the comments, and don’t forget to hit that like button!
CME Watch Tool cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
Now, the big news is about the Fed's decision on interest rates this Wednesday. It's difficult to predict the market's direction at the moment, as everything hinges on that rate cut. Until the Fed makes its move, the market's reaction remains uncertain.
According to the FedWatch Tool, there are two possible outcomes for the rate cut, with odds provided by the CME Watch Tool as of Monday. There's a 33% chance of a 0.25% rate cut, while a 67% chance points to a 0.5% cut. As of now, it seems the market is leaning towards a 0.5% cut, but we’ll know for sure on Wednesday.
For my part, I'm taking a cautious approach and sitting on the sidelines until we see how the market reacts after the Fed's decision. This isn't financial advice, just sharing my strategy. If you have any questions, feel free to leave them in the comments, and don’t forget to hit that like button!
CME Watch Tool cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
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