The price of Bitcoin Cash (BCH) tipped higher on Wednesday, September 21st, as investors awaited the Federal Reserve’s upcoming interest rate decision. BCH rose to $114.50, slightly above this week’s low of $106.
Market capitalization reached $2.1 billion, making Bitcoin Cash the 30th largest cryptocurrency in the world.
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Interest rate decision of the US Federal Reserve
The Federal Reserve is the most important institution in the financial industry. It is also the only organization that has the mandate to print US dollars and raise interest rates in the US.
Therefore, its actions are closely followed by investors around the world. When the Fed adopts an easy money policy, investors flock to riskier assets like stocks and cryptocurrencies. On the other hand, if it opts for a tighter monetary policy, people flee these assets as they display a risk-averse sentiment.
That explains why Bitcoin Cash and other cryptocurrencies skyrocketed during the pandemic and why they crashed in 2022.
Therefore, the next major catalyst for the Bitcoin Cash price was the Federal Reserve’s interest rate decision. Analysts expected the bank to continue its tightening policy to fight rising inflation and raise the key interest rate by 0.75% for the third month in a row.
This forecast has been confirmed: On Wednesday night, the Fed decided to raise the key U.S. interest rate again, bringing it to 3%. The bank also pledged to continue its policy of quantitative tightening, while continuing to reduce its balance sheet.
The price of Bitcoin Cash trended upward ahead of the meeting. Other assets such as BTC and American stocks also continued to rise, while bond yields fell. The Dow Jones index rose 110 points, while the S&P 500 and Nasdaq 100 gained 0.40%. At the same time, the 10-year bond yield fell to 3.55%, while the 2-year bond rose to almost 4%.
The main catalyst for the BCH price will be the accompanying Fed statement and its hints on what it will do later this year.
Bitcoin Cash Price Forecast
The price chart shows that the BCH price has recovered in the last few days. It has managed to move slightly above the important resistance at $111.12. It was the lowest level in July and in September. The price remains slightly below the lines of the moving averages of the last 25 and 50 days. The MACD has also moved below the neutral point.
Therefore, there is a likelihood that Bitcoin Cash will continue to fall as sellers try to get below the important support level at $100.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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