Crypto volatility spikes ahead of FOMC meeting as Bitcoin trades near $26,800

- Volatility is on the rise in the crypto market as Bitcoin spiked more than $1000 in intraday trading on Monday ahead of the start of the September Federal Open Market Committee meeting, where the Fed will reveal its plan on interest rates moving forward.

In the latest issue of The Trade Letter from MN Trading, analyst Daan Foppen said, “Investors are currently assigning a 93% probability that the Federal Reserve will maintain its current interest rates in September, with only a 7% chance of a quarter-point rate increase, as reported by CME Group.” Foppen said he is “getting cautiously bullish in the short term” as he thinks BTC bulls can “test higher prices,” and highlighted the “current dealing range on the daily [chart],” which shows Bitcoin is still “trading at a discount.”“Price tends to move from discount towards premium and vice versa,” he said. “We are in discount and I have some reasons to believe that we will trade higher relatively soon.

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