Bitcoin , which showed strength last week, has slipped into a short-term consolidation. However, a shift in momentum could soon bring forth a momentary rally for BTC and altcoins. Also read: What to expect from macroeconomic events? The US Federal Reserve’s Interest Rate Decision will happen on May 1 at 18:00 GMT. This event, while a key mover of forex markets, has lost its influence on the crypto markets. Additionally, expectations of interest rates remaining around 5.25% to 5.
More often than not, there is a bullish divergence that develops on lower time frames before the higher time frames show signs of rejuvenation. However, that is absent for Bitcoin on the one-hour chart, indicating that a further descent is likely before buyers find it attractive to purchase BTC.
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