$BTCUSD Forex Signal: Drop to 20,000 Likely as Recovery Fades
Enter your emailThe pair will likely keep falling as sellers target the key support at 20,000.Timeline: 1-2 days.retreated to the lowest level in more than a week as last week’s rebound faded.
There will be two main catalysts for Bitcoin prices this week. The most important will be the upcoming interest rate decision by the Federal Reserve. With the American inflation soaring and with the unemployment rate falling to 3.7%, the bank will hike interest rates. Analysts expect that the bank will hike rates by as much as 1%.
Expectations of rate cuts in 2023 explain why the US dollar has eased in the past few days. Indeed, the dollar index has moved from this month’s high of $109.30 to the current $106.
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