Bitcoin (BTC) surged to a two-week high range on the same day when Deutsche Bank, a global financial services giant, unveiled its crypto custody services for institutional clients. While the crypto community welcomed this price increase, analysts are cautioning and contemplating potential risks that could result in a dip from the current range.
Additionally, the forthcoming Federal Open Market Committee (FOMC) meeting, slated for September 19-20, is expected to exert a substantial influence on Bitcoin’s price trajectory.
Bitcoin’s Rally and Deutsche Bank Announcement
The BTC price experienced a notable surge in value, coinciding with Deutsche Bank’s announcement of its crypto custody services. The crypto market welcomed this development, signaling a growing institutional interest in the digital asset space. However, analysts remain vigilant about potential price fluctuations and risks associated with the current market conditions.
Impact of the FOMC Meeting
Bitcoin’s recent price movement has occurred just before the pivotal macro event, the Federal Open Market Committee (FOMC) meeting. During this meeting, scheduled for September 19-20, the market anticipates whether the US Federal Reserve will decide to maintain interest rates at the current range of 525-550 basis points.
Analysts expect that Fed Chair Jerome Powell’s subsequent press conference will have a notable impact on Bitcoin’s price. Traders will closely monitor any indications of the central bank’s stance on monetary policy for the remainder of 2023.
Analyst Insights
Renowned crypto analyst Michael van de Poppe has cautioned that a drop in Bitcoin’s price to the $25,600-25,900 range could signal a bearish trend. Conversely, a bullish scenario for BTC is anticipated if it manages to break above the critical $26,800 level. Van de Poppe emphasized the importance of these key levels for Bitcoin’s near-term price movements.
Deutsche Bank’s crypto custody announcement spurred Bitcoin’s recent surge to a two-week high range, but the crypto market remains watchful as the FOMC meeting approaches. The outcome of this meeting and the subsequent statements by Fed Chair Jerome Powell could significantly influence Bitcoin’s price trajectory. We advise traders and investors to exercise caution and closely monitor key support and resistance levels in the coming days.
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