Bitcoin Price Remains Below $107,000 Ahead of FOMC Meeting
Bitcoin's price is currently below $107,000, facing a supply overhang. Traders are awaiting the US Federal Open Market Committee (FOMC) interest rate decision following its June 18 meeting.
Market Forecasts
- Analyst Michael van de Poppe predicts Bitcoin could drop below $105,000, leading to potential liquidation cascades.
- Current Bitcoin price is $105,602.45, down 1.03% in the last 24 hours.
- Traders are cautious due to rising inflation and economic uncertainty reflected in recent CPI reports.
- The CME FedWatch Tool indicates a high probability (98%) of no interest rate cuts this month.
- Speculations are shifting towards Supplementary Leverage Ratio (SLR) adjustments that may enhance market liquidity without quantitative easing.
- Concerns persist regarding the Fed's interest rate policy amidst political pressures.
Additional Insights
- Market analyst Mister Crypto suggests the US may be delayed in cutting interest rates, which could trigger a crypto bull run.
- Bitcoin Hyper project is gaining attention, aiming for improved scalability and speed in BTC transactions.
- Bitcoin Hyper presale raised over $1.3 million, with current prices at $0.011925.