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Bitcoin limps into FOMC as flagging volume adds to BTC price hurdles

Bitcoin limps into FOMC as flagging volume adds to BTC price hurdles


Bitcoin (BTC) experienced daily lows during Wall Street’s opening on May 3 as markets anticipated the Federal Reserve’s interest rate decision. BTC/USD followed a volatile trend, reaching $28,152 on Bitstamp, marking a decrease of 2.2% from the day’s high. Market sentiment indicates a 90%+ chance of the Fed hiking 0.25% in line with its March moves. However, this hike would prove challenging as the move would be in response to a banking crisis that has been exacerbated by high-interest rates. Despite the banking crisis, Bitcoin remained within an established trading range and failed to capitalize on sentiment. Some traders predicted a downside target of around $25,000 for their next potential trade, while others offered more optimistic short-term BTC/USD roadmap. Overall, there was little firm bullishness among commentators.