FOMC Results Are In The Spotlight: Bitcoin In The Ambang Increases Or Corrections

Illustration of crypto assets (photo: Freepik)

JAKARTA - The crypto market closed quite well last week, where Bitcoin managed to rise more than 10 percent from 54,000 US dollars (Rp828 million), to 60,000 US dollars (Rp920 million) last week.

According to Crypto's Financial Expert, Panji Yudha, this increase was driven by the release of CPI data for August 2024 by the US Department of Manpower, which showed that the latest inflation rate was expected to fall to 2.6 percent from 2.9 percent in July.

But unfortunately, despite moving above $ 60,000 (Rp920 million) last week, Bitcoin failed to maintain its price and fell back to US $ 58,000 (Rp900 million) on Tuesday, September 17.

Currently, according to Panji, the crypto market is looking forward to The Federal Reserve (Fed)'s decision at a meeting of the Federal Open Market Committee (FOMC) in September. This decision is mainly related to interest rate policy.

The decision of the highly anticipated interest rate from the Federal Open Market Committee (FOMC) is scheduled for Thursday morning 19 September 2024 at 01.00 WIB.

"The impact of FOMC's results on Bitcoin has the potential to increase the volatility of the crypto market, with BTC likely breaking the psychological resistance of 60,000 US dollars (Rp920 million) towards the level of 61,000 - 62,000 US dollars (Rp935-950 million)," explained Panji.

However, Panji is wary of possible'sell on news' actions in the FOMC incident, which could cause BTC to fall again below US$57,000 or Rp874 million. Even though the challenges were big in September, Panji is optimistic that "Uptober" will bring better market conditions.