When the Federal Reserve announces its decision on interest rates this month, many investors will be wondering if Bitcoin can reach $30,000 this month.
The Federal Reserve announced on Wednesday that its benchmark short-term interest rate will rise by 0.25%, following a 0.50% increase in December. This decision showed that inflation is not as high as it once was and is actually decreasing.
Following their two-day meeting, the Federal Reserve stated that inflation has slightly decreased but is still fairly high. The central bank doesn’t seem likely to say that their fight against inflation is coming to an end, even though they are weighing the benefits of the fight against the risk of a worsening recession.
Some investors are unsure if now is the ideal time to purchase Bitcoin in light of the cryptocurrency’s recent sharp decline in value. The outcome of Bitcoin’s current trading range, which is between $22,700 and $23,850, will indicate how the market will most likely respond.
Related: Bitcoin Price Prediction for Today, January 27, 2023
This essay will look at the potential reasons behind Bitcoin’s recent price drop and determine whether it is still a sound investment choice.
Today’s Bitcoin price: DATE: BTC:USD Today:01 $ 23,818.34 Promotion
Price Prediction for Bitcoin
With a daily trading volume of $22 billion, the price of one bitcoin is currently $23,052.37. Over the last 24 hours, it has decreased by 0.33%. It is currently ranked first with a $444 billion market capitalization.
The 4-hour BTC/USD exchange rate chart has recently had difficulty breaking the $24,000 ceiling. It has dropped since then to test the $23,000 support level.
The 4-hour time frame’s 50-day moving average shows that the price of bitcoin has developed a support level of $23,000. In the case that it falls below this level, it may eventually reach $22,600 or even $22,350. Additionally, this can lead to a bullish turn in the BTC/USD pair.
Purchasing opportunities with prices over $23,000 and a goal of either $23,550 or $24,000 may be good to invest in. However, if the price drops below the $23,000 support region, selling positions might be more profitable.
