Bitcoin – Exploring key price levels to watch as FOMC meeting looms ahead – BitRss

• Bitcoin’s reaction to the last FOMC report highlighted its sensitivity to U.S monetary policy shifts and macroeconomic data
• Key resistance at $106,000 and support at $102,750 set the stage for Bitcoin’s next move as FOMC decision looms

The Federal Open Market Committee meeting is one of the most anticipated events on the financial calendar, influencing markets far and wide. Bitcoin, known for its sensitivity to macroeconomic events, stands at a pivotal juncture as traders gear up for potential volatility ahead of the meeting.

Unpacking the FOMC’s influence on Bitcoin

The FOMC plays a crucial role in setting U.S monetary policy through decisions on interest rates and liquidity measures. For Bitcoin, these meetings often bring sharp market reactions. A hawkish position that raises interest rates tends to strengthen the U.S dollar, creating headwinds for Bitcoin. Conversely, hinting at rate cuts or pauses, a dovish tone generally weakens the dollar, boosting Bitcoin as traders seek higher-yielding assets.