Glassnode cofounders, who go by “Negentropic” on X (formerly Twitter), have been closely tracking the cryptocurrency’s progress, suggesting that Bitcoin could be poised for another major move.
Bitcoin recently surpassed $76,000, reaching highs of $76,509 on Wednesday, setting a new all-time high. The rise coincides with fresh all-time highs for traditional market indices like the Nasdaq and S&P 500.
However, an interesting development is the weakening correlation between Bitcoin and these indices. This decoupling raises the question: Could Bitcoin push even higher independently of traditional markets?
Negentropic indicated that with the impending interest rate decision and Fed Chair Jerome Powell’s speech afterward, this could be Bitcoin’s first real test for its bullish trend. But will it continue to rise independently of traditional markets?
The answers to these questions remain unknown, but the market closely watches for hints to predict Bitcoin’s next big move. At the time of writing, BTC was up 1.72% in the last 24 hours to $74,900 and up 6% weekly.
The Federal Reserve is generally expected to cut interest rates again, with financial markets pricing a quarter-point drop as a near certainty.
In light of this, investors are closely awaiting the Fed’s interest rate decision during its policy meeting today Thursday. The decision will be followed by comments from Fed Chair Jerome Powell, which may provide insight into the Fed’s economic and interest rate expectations for the coming months.
Traders were last pricing in a 99% chance of a quarter-point cut in interest rates, based on CME Group’s (NASDAQ:CME) FedWatch tool. This comes following the Fed’s 50 basis point rate cut in September.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
