Bitcoin price rises towards $65.000 ahead of FOMC decision

Bitcoin shows a strong upward movement as the market prepares for tonight’s FOMC meeting. Analyst Michaël van de Poppe sees positive signals from multiple markets and expects Bitcoin to continue the rally. The price currently stands at $64.500, an increase of 1.7% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Strong bounce with positive signals from Korea

Van de Poppe points to a notable signal from the Korean stock market. A large wick is visible on the chart there, which in his view indicates that the bottom has been reached. He links this to his expectation for both the Nasdaq and Bitcoin: he sees both heading higher.

On the daily Bitcoin chart, the price is fluctuating around $64.489 and there is an important support level at $60.876. An even more critical level is at $58.115, which acts as a bottom in the current picture. Van de Poppe states that Bitcoin on lower time frames needs to reclaim the level around $65.000 to confirm the bullish scenario.

FOMC tonight: markets pricing in extreme fear

Tonight, the Federal Reserve will announce its interest rate decision during the FOMC meeting. Earlier, the Bitcoin price fell back to $63.000 in the run-up to this decision. According to Van de Poppe, markets are currently pricing in extreme fear, but he thinks this actually presents a buying opportunity.

His reasoning is that Bitcoin continues to perform relatively strongly despite the uncertainty. Bitcoin demand was still too weak for a sustainable recovery in recent times, but the current price movements give Van de Poppe enough confidence to expect a further rally. He assumes that Bitcoin will move higher after the FOMC announcement, as long as the market manages to hold the current support levels.