Bitcoin price witnessing strong selling pressure in the Asia hours, slipping under $104K level ahead of the US Fed interest rate decision today. The market’s baseline expectation is a 25 bps rate cut by the central bank, which can lead to some optimism.
Notably, traders are staying cautious before making further moves. Crypto billionaire Arthur Hayes predicted major turbulence in Bitcoin and crypto market during Donald Trump’s oath-taking ceremony on January 20.
Bitcoin Price Retraces Ahead Fed Rate Cut Decision
Just hours before the Fed rate cut decision, Bitcoin price is seeing some selling pressure retracing under $104,000 levels. Bank of America executive Mark Cabana noted that the US central bank is likely to announce a 25 bps rate cut amid concerns about maintaining a restrictive monetary policy for too long. Although labor markets show signs of moderation, inflation remains sticky with CPI surging to 2.8% in November from 2.4% in September.
While the markets have already p
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