November 7th, 2024, FOMC meeting results have left the US economy in a state of uncertainty. Despite a decrease in inflation and unemployment rates, the economy's stability remains questionable. Bitcoin's price has reflected this uncertainty, stabilizing between $75,500 and $76,500.
FOMC Meeting Aftermath
The Federal Open Market Committee (FOMC) meeting failed to yield positive results for the US economy. Inflation and unemployment rates decreased by 2%, but the economy's growth remains stagnant. This uncertainty has led to a stable Bitcoin price, neither increasing nor decreasing significantly.
Crypto Market Analysis
The overall crypto market has seen a 1.5% increase, indicating whale dominance. These large investors may be manipulating the market, trapping smaller traders. Bitcoin's price could potentially dump if whales withhold the market, but it's unlikely to drop below $71,000.
Key Price Levels
- If Bitcoin closes below $75,300, expect a 2-3% decrease in value.
- A close above $76,000 could trigger significant upside movement.
Market Indicators
- RSI index above 70 indicates an overbought condition.
- Whales' movement suggests a trapped market.
Microsoft and Crypto
Microsoft, a profitable company, initially showed interest in Bitcoin before the election and FOMC meeting. However, they have since rejected Bitcoin, along with other companies. This lack of interest contributes to market uncertainty.
Election Impact
During the election, Bitcoin's supply increased as the Trump government and Microsoft considered buying and holding BTC in their reserves. Upon realizing Bitcoin's overbought condition, they halted purchases, leading to a whale-driven price pump.
Future Outlook
The market awaits the next move. Will whales continue to dominate, or will smaller traders break free? Stay tuned for the next update.
Disclaimer
This article is for informational purposes only and should not be considered investment advice.
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