FOMC Minutes Loom Large as Bitcoin Nears Key EMA Support
Bitcoin (BTC) price edged lower on Wednesday, hovering around $64,370 as it approaches its 50-day Exponential Moving Average (EMA). Despite a 2.9% gain over the previous two days, the recovery is still supported by renewed institutional demand, with ETFs recording inflows of $189.30 million on Tuesday.
The market's attention has shifted to the upcoming release of the Federal Open Market Committee (FOMC) Minutes, which could provide fresh clues on the Federal Reserve's interest-rate outlook amid rising inflation concerns linked to increasing energy prices.
According to Bitunix Analyst Dean Chen, today's FOMC minutes 'could be critical for Bitcoin because the key issue is not simply whether the Fed hikes or holds, but how it frames the future path of rates and financial conditions.'