Bitcoin and other cryptocurrencies experienced a bear run caused by speculations regarding an important meeting to be held soon by the Federal Reserve.
While investors were milling over the meeting’s eventuality, further increased interest rates were slightly unnerving, resulting in a selling exercise. Bitcoin dipped to $61,928 but rose to $62,387 a short while later.
The Federal Reserve is releasing its intended interest rate, which is slated for the 1st of May. There is every chance it will remain the same, but rumors are doing the rounds, and nothing is certain about anything, particularly cryptocurrencies.
The US will be divulging the unemployment rate on the 3rd of May, signifying the economic condition and impacting the Federal Reserve’s future game plan.
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Bitcoin has risen by more than 47%, standing at $74,000. There are speculations that Bitcoin is holding on to this figure despite the looming Federal Reserve meeting. Other pertinent factors also impact the price of Bitcoin.
The Federal Reserve’s decision to increase interest rates will negatively affect the crypto space, as investors will shy away from investing in other assets.
As per a crypto analyst of Rekt Capital, anything can be expected from Bitcoin trading at its present price and may bring about a rebound.
Additionally, Giovani Santostasi, who is connected with Bitcoin, strongly feels that Bitcoin will reach its peak by the end of 2025 and reach $218,875.
Despite everything, Bitcoin may have the backing to reach $61,200. It is also possible that it will climb to $64,000 and counting.
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According to Ash Crypto, a crypto influencer, with Ethereum setting the pace, the capital may soon shift from Bitcoin to Ethereum.
