Bitcoin price dips below 88K as analysis blames FOMC nerves

Bitcoin experienced a sharp drop below $88,000 as the weekly candle closed, with traders anticipating weakness leading up to the Federal Open Market Committee (FOMC) meeting regarding US interest rates. Analysts noted that price action often sees gaps on CME futures markets filled quickly, and Mondays frequently establish the pivot points for the week. Market participants are largely focused on the expected 0.25% rate cut on Wednesday. Crypto analyst Michaël van de Poppe suggested that FOMC nerves could cause a retreat toward $87,000, but if the uptrend is confirmed afterward, Bitcoin could swiftly move toward breaking $92,000 and potentially reach $100,000 in the following weeks due to anticipated easing policies. He identified $86,000 as the critical support level for bulls.

(Source：Cointelegraph)