We explore the shift in Bitcoin sentiment this week as investors adopt caution ahead of major FED announcement.
Bitcoin might be at the tail end of its bullish flag pattern as the highly anticipated FED is set to make a decision on interest rates cuts this week.enjoyed a healthy bounce, a move that had a significant boost on investor sentiment. However, this week, Bitcoin is off to a negative start as the market enters a critical week.
The milestone was short-lived, leading to the formation of another lower highs as has been characteristic of BTC price action in the last few months. On the other hand, the upcoming FED announcement about interest rates may be a bullish event. A strong market reaction if aggressive rate cuts are announced, may trigger aggressive demand. Potentially enough to push it back in the $70,000 price range and possibly higher.Bitcoin metrics demonstrated growing adoption of a cautious stance recently. This was evident in the number of large transactions which dropped significantly in the last 3 days.
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