Hope BTC perseveres despite having to go through various challenges.
After reaching $29,990 on April 30, 2023, the price of cryptocurrency king Bitcoin (BTC) saw a drop back to $27,700 after banking giant JPMorgan reportedly won the auction to buy the assets of First Republic Bank.
The streak, the price of BTC in these few days may make volatile movement plus there are some important meetings.
Among them is the United States (US) manufacturing PMI survey data yesterday which showed a slight increase from 46.8 to 47.1 points in April, but the sector still recorded a decline for six consecutive months.
While the BTC price will also have an impact after the Federal Open Market Committee (FOMC) meeting early Thursday morning, where Federal Reserve (Fed) Chairman Jerome Powell is expected to raise interest rates by 25 basis points.
It is well known that the FOMC meeting is very important as crypto markets or stocks may be in a volatile state if the Fed acts aggressively in raising interest rates.
Although the European Central Bank (ECB) is expected to raise interest rates by 25 basis points during its policy meeting on May 5, 2023, some experts believe that 50 basis points is still possible as the ECB is currently struggling to bring down inflation.
Ahead of the NFP employment data report on Friday, the unemployment rate is forecast to rise to 3.6%, which is a slight increase compared to the previous month.
As of this writing, BTC price has plunged by 2.09% to $28,085 in the last 24 hours with a market cap of $542 billion but is still up 2.54% over the last week.
