Important Week For The Crypto Market: FOMC Meeting and Much More!

The bitcoin market has fallen victim to bears again after seven days of green signals. Since the beginning of 2022, particularly after May, the bears appear to have the upper hand due to various unfavorable conditions such as the collapse of Terra (LUNA), multiple bankruptcies, and rate hikes by the Federal Reserve.

The total value of all cryptocurrencies on the planet has fallen by 2.14 percent in the past day, to $1.02 trillion.

Unfortunately, the bad news keeps coming. Rumor has it that on July 26-27, the Federal Open Market Committee (FOMC) will vote to raise interest rates by 0.75 percentage points.

At the same time, the day before the FOMC meeting, Chris Burniske information, a former analyst and expert at ARK Investment firm, gives his thoughts on the market as a whole.

The expert analyzed the weekly charts of Bitcoin and Ethereum, and he concludes that the market sentiment toward the assets is still negative.

In a tweet, Chris Burniske claims that the flagship currency has not even managed to cross the 200-week moving average. This could lead to retribution in the cryptocurrency market or cause it to temporarily crash.

$BTC bumped its head on the 200W for closing, let’s see if we get a bash through retaliation or temporary defeat this week https://t.co/3RStXh9IJo

— Chris Burniske (@cburniske) July 25, 2022

In his final analysis, the crypto enthusiast and strategist asserted that the current breakout is just a bubble, and that investors should wait for confirmation before establishing a position.

How Will Assets Respond to Upcoming Difficulties?

Given the growing number of countries experiencing economic difficulties, it will be fascinating to observe market reaction to the Federal Reserve’s rate hike at the upcoming FOMC meeting.

Aside from GDP figures, data on the US labor market and unemployment rate will also be made public on July 28. The week will culminate on July 29 with the release of a study on consumers’ moods.

As a result, it’s crucial to keep an eye on the impending events and how they’ll affect the cryptocurrency market. Coinpedia advises traders and investors to exercise caution until the situation becomes clearer again.