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Bitcoin is starting to regain its strength just two days before the FOMC meeting on Tuesday and Wednesday, where key US economic data and monetary policies will be discussed. The recent Bitcoin ( ) price action has been characterized by sideways movement over the past month, despite significant developments like discussions on spot Bitcoin ETFs and notable legal battles, such as Grayscale’s lawsuit. However, data reveals strength in current BTC trading patterns. Glassnode data shows a six-month high in the volume of BTC supply last active in the 6-month to 1-year range, coinciding with Grayscale’s legal victory against the SEC for converting the Grayscale Bitcoin Trust into a spot Bitcoin . Historically, such spikes in dormant supply are associated with increased trading activity, seen in bullish markets or during sell-offs. Recently, Bitcoin surged by around 1.85% in the past 24 hours and is currently trading at $27,100. On the weekly chart, BTC is up 5.5%. The 1-day technical analysis from TradingView showcases a bullish santiment – the summary, moving averages, and oscillators point at “buy” with 11, 9, and 2, respectively. Looking ahead to the Federal Reserve’s FOMC meeting, the CME FedWatch Tool suggests a 98% likelihood of the Fed maintaining its interest rates at the current target range of 525-550 basis points. In the past, the Fed’s rate hikes have led to Bitcoin market around FOMC decisions, but this trend has waned in 2023 due to optimism about potential monetary policy adjustments like rate cuts or pauses.
Read more: coinspress
