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On the 4-hour chart, Bitcoin hit $25,211, bounced back, and might start climbing. The upward trend is not strong right now, and with recent events, it is unlikely to reach $31,000, where the last drop began. The Fed's upcoming meeting might influence Bitcoin's price. However, markets do not expect too much from the Fed. If the regulator refrains from a rate hike, it wo not shock the market. Jerome Powell and his team said they would change rates every other meeting. If they do raise rates unexpectedly, cryptocurrencies might drop because borrowing money would get harder.
Notably, the higher the Fed's rate, the more people want to put their money in banks or government bonds. This means less money goes into Bitcoin. However, the Fed has been raising this rate for over a year, so another increase might not affect Bitcoin too much.
What could hurt Bitcoin's price is Gary Gensler, the head of the SEC. He is not a fan of cryptocurrencies. He recently said that most cryptocurrencies were like "securities" and should be controlled more. He also thinks that many companies should be officially registered. Gensler feels the crypto world is messy and needs better rules to protect investors and the country's money system.
The SEC is currently in legal battles with some big crypto companies, like Coinbase and Ripple. The outcomes of these cases are still uncertain.
In short, Bitcoin might go up soon. This could be a good time to buy BTC, but be cautious as it could drop to $25,211 again. If it does, we will have to analyze the asset's price again. Currently, there is a signal that long positions can be opened.
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