Bitcoin (BTC) enters the new week on a positive note as traders see the first green weekly candle in over a month. BTC price is gradually improving, climbing towards $27,000 after a weak August and start of September. The upcoming week holds some key events, including a United States Federal Reserve meeting to decide on interest rate policy, which could impact risk assets like cryptocurrencies. On the positive side, Bitcoin’s network fundamentals are expected to grow stronger and wallet numbers continue to increase regardless of price action. Traders are optimistic about a potential local bottom forming and anticipate a push towards $27,000 or higher. The FOMC meeting will likely induce volatility in the market, although the odds of interest rates remaining unchanged are high. Bitcoin’s mining difficulty and hash rate reach new records, reflecting the overall growth and security of the network. The number of new BTC wallets being created is also at multi-year highs, indicating continued user adoption. However, sentiment in the crypto market remains cautious, with the Crypto Fear & Greed Index still indicating fear among investors.
FOMC versus BTC price ‘local bottom’ — 5 things to know in Bitcoin this week
