This week was supposed to be volatile due to the FOMC, but things weren't as volatile as I expected. From the current market conditions, the effect of the news will take a few more days to be reflected in the market. I expect 113k to be raided before we see price get to 118k But in a way I feel the market could prove me wrong and head for 118k next without raiding 113k.
What's your take on the current market situation?
It is sad that the crypto market has been influenced by Fed signals. However, besides the interest rate cut by the Fed, other factors also affect the price of Bitcoin. Many investors expected the price of Bitcoin to move up massively after the cut but it didn't turn out that way. Some crypto analysts believe that the market has already reacted to the 25bps cut since it was already anticipated, which is why we are not seeing much impact after Powell's announcement. There are still expecting that more rate cuts will follow till early next year.
FOMC was just disappointing they couldn’t make massive impacts to the market. The cut rate got many investors and traders guessing because a lot of traders and investors were expecting a huge and massive pump from the cute rate and at the same time they were ready for dumps also but it was so unfortunate that the impacts on crypto currency’s was just little pumps.
However, little pumps is still better than no pumps, so at least many did make profits from it while some did witness some loss due to lack of risk management.