Technical Analysis:
BITCOIN is trading around 63900 currently and price is in strong bearish momentum if we get closing below 63900 of 4H candle we might see price breaking more 60000. If it just forms a wick and closes above mentioned areas it might just act as a liquidity sweep below lows,
Fundamentals:
The price movement followed the Federal Open Market Committee’s (FOMC) decision to leave interest rates at 5.25% to 5.5%, which was an expected outcome.
Fed Chair Jerome Powell said the economy is expanding at a “solid pace” with positive signs for GDP growth and Private Domestic Final Purchases (PDFP), though consumer spending growth has “slowed,” in line with its plans to reduce inflation.
“Inflation has eased substantially from a rate of 7% to 2.5%, we are strongly committed to returning inflation to our 2% in support of a strong economy that benefits everyone,” Powell said in a July 31 speech following the announcement.
Prior to the announcement, markets did not expect the FOMC to alter rates until September.
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