Crypto
Bitcoin Support Under Pressure as Rate Hike Probability Surpasses 86%
The probability of a rate hike by the Federal Reserve has exceeded 86%, according to Goldman Sachs' revised expectations. This development is putting pressure on Bitcoin's support at $76,380.
Bitcoin is currently trading at around $77,300 and repeatedly testing the 38.2% Fibonacci retracement level at $76,380. A break below this level could lead to further decline in price.
The Federal Reserve's interest-rate meeting on September 15-16 will have a significant impact on Bitcoin's trajectory. The market is expecting a rate hike of 25 basis points, which would be the first increase since March 2022.