Despite only being 7.3% below its all-time high the Bitcoin price is still trading sideways while the market has full knowledge of an incoming US rate cut on 0 good news for Bitcoin is perhaps tempered by nervousness that when the potential cut is announced it will be treated by the market as a ‘sell the news’ 1 cut almost certain but potential price manipulation will keep market guessing Only one day away and the market is probably as certain as it can be that a rate cut will be announced by Federal Reserve Chairman Jerome Powell on Wednesday at the FOMC 2 CME Group Fedwatch tool is currently showing a 96.1% chance of a 25 basis points cut in interest rates
while there is a faint 3.9% chance of a 50 basis points 3 is certainly good news for risk assets such as Bitcoin and the US stock market is also likely to 4 said at times like this where a big price-changing event is announced the market will often choose to go in the opposite 5 this instance
an initial dip could result from the rate cut news 6 addition market makers could be tempted to use the increased price volatility around the announcement to spike the price up and down in order to liquidate both the long and short positions. $BTC breaks out of small descending channel/bull flag) is now acting as support and depending on the price action over the next couple of days it could start to angle upwards 7 the bottom of the chart
the Stochastic RSI indicators either have a long way to go back to the bottom or they will start to bounce along the top perhaps like they did previously through the last part of June and until 8 head and shoulders pattern to take $BTC to $120,000?
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