Bitcoin slips below $19k ahead of another crucial FOMC meeting this week

The cryptocurrency market has continued its poor start to the week, with Bitcoin dropping below $19k ahead of another FOMC meeting.

 

The cryptocurrency market performed poorly last week, losing its $1 trillion market cap peg. The poor performance has now stretched into the new week, with the broader market losing more than 5% of its value in the last 24 hours.

As a result of the poor performance, the total cryptocurrency market cap could drop below the $900 billion mark for the first time this month.

Bitcoin, the world’s leading cryptocurrency, has underperformed in recent weeks. At press time, Bitcoin is trading at $18,954, down by more than 4% in the last 24 hours. 

The leading cryptocurrency is underperforming ahead of another crucial FOMC meeting on September 20th and 21st. 

The market is expecting another 75 basis points increase in interest rates, a move that could see Bitcoin, the crypto market, and the broader financial market perform poorly. 

So far this year, the FOMC raised federal fund rates by 25 bps in March, followed by a 50 bps in May and another 75 bps hike in the June and July meetings each. Thus, taking the present policy rate to 2.25-2.5%.

Key levels to watch

The BTC/USD 4-hour chart is negative as Bitcoin has been underperforming over the last few hours. The MACD line has stayed within the negative zone over the past week and remains there. Hence, indicating that the bears are in control. 

BTC/USD Chart By TradingView

BTC/USD Chart By TradingView

The 14-day relative strength index of 39 shows that Bitcoin could enter the oversold region if the bearish momentum continues.

If the negative sentiment doesn’t improve, BTC could dip below the $18,713 support level before the end of the day.

Bitcoin might experience further losses ahead of the FOMC meeting and could decline below $18k for the first time in two months.

The bulls might regain control of the market and push BTC past the $19,500 resistance level over the next few hours.

Where to buy now 

 

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

Buy BTC with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy BTC with Capital.com today

All Dutch and English crypto news!

Arbitrum (ARB) price drop signals opportunity as Algotech (ALGT) raises over $3M in three weeks

Potential rebound signals for Arbitrum (ARB) despite the current 18.54% price drop. Algotech utilizes advanced AI for sophisticated trading strategies. Algotech presale raises $3 million, attracting over...

Bitwise CIO: ‘Er gaat $1 biljoen aan vermogen naar Bitcoin stromen’

Bitwise Chief Investment Officer (CIO) Matt Hougan verwacht dat er 1 biljoen dollar aan institutioneel kapitaal richting Bitcoin zal stromen via de ETFs. In een...

Google’s inclusion of Bitcoin wallet balances sparks privacy debate

While some applaud the move toward mainstream adoption, privacy-centric Bitcoin supporters have raised concerns about centralized data aggregation. News Own this piece of crypto history Collect this article...

Wie gaat deze Solana tokens met 68% korting kopen?

De recentelijk failliet verklaarde cryptocurrency exchange FTX, staat op het punt om een grote hoeveelheid Solana-tokens te verkopen tegen een flinke korting. Het gaat om...

Beste exchanges

Koop je crypto bij Bitvavo