Bitcoin is staying the same price while people wait for Wednesday. This is when the Federal Reserve will tell us what they are going to do about money, and this might make Bitcoin’s price go up or down.
The cryptocurrency has been trading in a range of $39,400 – $41,300 since Monday’s European trading hours.
The market is not moving ahead of the Fed meeting. People are waiting for the announcement.
The event is likely to have a big reaction, but it will be either big up or down.
The Fed’s decisions can affect the value of money. If they stay pro-stimulus, the cryptocurrency will have the most increase in value until September. This is because people are selling it more quickly than other markets since May’s CPI print.
Bitcoin’s price went down. It went from $58,000 to nearly $30,000 in the eight days before May 19. The sell-off began after data was released on May 12 that showed the U.S. Consumer Price Index was at its highest level in almost three years, which renewed fears of an early Fed taper – the gradual unwinding of the liquidity-boosting stimulus.