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Bitcoin price prediction after FOMC minutes are released

Author: Content Editor
The Federal Reserve's release of the Federal Open Market Committee (FOMC) minutes for the September 2024 meeting is highly anticipated by investors, particularly those holding Bitcoin. The minutes will provide insight into the Fed's reasoning behind a recent interest rate cut. The effects of such monetary decisions on Bitcoin have become increasingly apparent over the years. Bitcoin's price may test support levels at $61,500 before potentially breaking out to a new all-time high. Bitcoin's current price is $62,098, with a 0.64% daily loss and 1.32% weekly gains. Over the last 30 days, Bitcoin is up 12.39% and 47.19% year-to-date. The asset is down 6.3% since reaching a high of $66,300 on September 24. The FOMC minutes will likely have a significant impact on Bitcoin's price, depending on whether it reveals a tendency towards further interest rate cuts or rate hikes/concerns about inflation. Opinions on Bitcoin's short-term and medium-term price action are divided, with some expecting significant growth and others forecasting a drop to as low as $52,000. The release of the FOMC minutes will likely have a decisive impact on Bitcoin's price in the coming days.

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