Bitcoin Price: Here's What to Expect with Fed Minutes in Focus

Summary:

Bitcoin price is on a consolidation pattern as investors await further cues from Fed minutes later in the session. A hawkish tilt may be a bearish catalyst.

Bitcoin price is on a consolidation pattern ahead of the FOMC meeting minutes. After the Fed’s hawkish surprise in mid-June, the crypto plunged by about 30.57%. Notably, rate hikes tend to be a bearish catalyst for riskier assets like cryptocurrencies. In today’s session, investors are keen on whether the minutes will reflect the same hawkish tilt.

BTC/USD technical outlook

Since Monday, Bitcoin price has been range-bound between 33,141.13 and 35,098.35. At the time of writing, the leading cryptocurrency was up by 1.53% at 34,767.38. On a two-hour chart, it is above the 25 and 50-day EMAs. It is currently finding support along the two EMAs, which have converged at 34,447.93. Based on both the fundamentals and technicals, the crypto’s outlook is rather neutral.

As investors await the Fed minutes later in today’s session, Bitcoin price is likely to continue consolidating along its current support level.

As a reaction to the minutes, it is likely to drop past the psychological level of 34,000 to find support at the horizontal channel’s lower border of 33,141.13. Past that level, the next target will be at 32,000. On the flip side, a move above its current resistance level of 35,098.35 will clear the path to the psychological level of 36,000 and last week’s high of 36,638.40.