Analysts have observed BTC’s historical pattern, and have opined that its price will rebound by almost 20% following the FOMC meeting.This comes as the market awaits the release of the CPI report and the outcome of the Federal Reserve meeting.price corrected to near $66,000 during the intraday trading session on 11th June, ahead of 12th June’s U.S. inflation report and FOMC meeting., economists expect the May Consumer Price Index to show a modest increase of 0.1% from April.
Long liquidations occur when the value of an asset suddenly drops, forcing traders who have open positions in favor of a price rally to exit their positions. AMBCrypto found that on the day in question, BTC’s long liquidations totaled $52 million, while short liquidations totaled $14 million.Although many long traders have been plunged into losses in the past 24 hours, market observers noted that the coin’s historical performance hints at a possible recovery in no time.on X, pseudonymous crypto analyst Gumshoe noted that four FOMC meetings have been held so far this year, and each one followed the same pattern.
BTC’s price declined 10% in the 48 hours before these meetings and fully recovered on the day of the meetings. According to Gumshoe, “The market always prices in overly bearish statements, then reverses.”According to Jelle, the past four FOMC events have coincided with local bottoms and resulted in over 20% rallies for the leading crypto asset.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience.
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