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The crypto market has bounced back from Monday’s low after Bitcoin’s excellent performance over the last 24 hours.

The world’s leading cryptocurrency has added over 1% to its value over the last 24 hours, with analysts expecting further gains in the near term.

Bitcoin, the leading cryptocurrency by market cap, has been performing excellently over the last two days.

It is up by 1% in the last 24 hours and is now trading at $117,200 per coin.

The rally comes ahead of the FOMC meeting later, with the Federal Reserve expected to cut interest rates by at least 25 basis points.

Polymarket and CME FedWatch both have a 90% chance of a Fed rate cut later today, with odds building for a three-cut path through year-end.

Bitcoin is rallying despite some traders sitting on the sidelines to see how the market might react when the Fed announces its rate decision.

According to CryptoQuant, Bitcoin exchange inflows have dropped to a 7-day average of just 25,000 BTC, which is the lowest in over 18 months.

This level was last seen when Bitcoin first crossed the $120k mark earlier this year.

The report added that the average BTC deposit size has also halved to 0.57 BTC, suggesting that the large holders are sitting idle instead of rushing to sell. 

Spot Bitcoin exchange-traded funds (ETFs) in the US have also performed positively over the past seven days, with the products recording $2.34 billion in net inflows last week.

BTC could extend its bullish run if the Fed decides to cut rates today, with many analysts expecting this outcome. 

Read more: Learn how to buy Bitcoin

The BTC/USD 4-hour chart is bullish as Bitcoin has fully recovered from Monday’s dip.

The momentum indicators have switched bullish as traders expect further gains in the near term.

The MACD lines have been in the bullish zone since September 6th, indicating that buyers are still in control.

The RSI of 63 also shows that BTC is above the neutral zone, with further gains to put it within the overbought region.

If the bullish trend continues, Bitcoin could rally towards the 4-Hour FVG gap, allowing it to reclaim the $120K mark for the first time since August.

An extended bullish run would allow BTC to attempt to reclaim the all-time high price of $124,600.

However, its rally could depend on the Fed rate decision later today, with a rate cut expected to send BTC’s price higher. 

However, if Bitcoin undergoes a correction following the Fed rate decision, it could drop to the nearest support level at $114,450.

Failure to defend this price level could see Bitcoin drop to the $110k region for the second time in two weeks.

The post Bitcoin tops $117k, eyes further gains ahead of FOMC: check forecast appeared first on Invezz

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