Bitcoin Price Prediction: FOMC Says Easing Will Slow Next Year After Recent Interest Rate Cuts, While This Crypto Wallet Token ICO Closes On $5 Million
The Bitcoin price plunged 3% in the last 24 hours to trade at $100,478 as of 11:07 p.m. EST on trading volume that surged 24% to $114 billion. This comes after the Federal Open Market Committee (FOMC) meeting delivered a 25 basis point cut, as widely expected, bringing the Federal Reserve (FED) Funds interest rate into a range of 4.25% – 4.50%. But the Fed signaled a slower pace of easing in 2025, a revised projection that was more hawkish than most pundits anticipated, and that sent the crypto market into a tailspin. Bitcoin Price Could Continue Soaring The daily chart for the Bitcoin price highlights a strong bullish trend, characterized by a breakout from a prolonged accumulation phase and consistent upward price movement. A well-defined consolidation zone is visible between June and late November, marked in purple on the chart, with price oscillating between $60,000 and $70,000, according to data from Geckoterminal . After the breakout above the $70,000 resistance...