Bitcoin Sees Reduced Selling Pressure as Fed’s FOMC Meeting Yields Rate Cut: CryptoQuant
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The Bitcoin market is experiencing reduced selling pressure, leading to a recovery in BTC price over the past three weeks. Analysts suggest that continued low selling pressure could facilitate a relief rally. The recent 25 basis points interest rate cut by the Federal Reserve may further support this uptrend.
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The Bitcoin market is currently seeing easing pressure after a period of intense selling from investors. The declining pressure is evident in reduced deposits into exchanges and a significant recovery in bitcoin’s (BTC) price over the last three weeks.
Analysts at the research firm CryptoQuant reported that continued low selling pressure could trigger a relief rally in BTC. This uptrend could be supported by the 25 basis points interest rate cut announced by the Federal Reserve during the just-concluded Federal Open Market Committee (FOMC) meeting.
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In This News
Coins
$ 61.78K
-3.07%$ 0.00213
Predictions Markets
See what traders are focused on
Share:
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