The anticipation surrounding the upcoming Federal Open Market Committee (FOMC) meeting has got investors on the verge of their seats. As the crypto market eagerly awaits the outcome, Bitcoin has started feeling the heat, and it is consolidating in a range-bound zone.
Despite its recent struggle to establish a solid trend, there’s a glimmer of hope that the FOMC meeting could spark an upward rally in the BTC price chart. With the US economy showing steady signs of improvement and the inflation rate slowing down, the stage is set for a potentially bullish dance for Bitcoin.
Bitcoin Witnesses The Best Month Since October 2021
Since the beginning of the new year, BTC’s price has gained over 40%. According to on-chain analytic firm, Glassnode, BTC has performed relatively well in January since October 2021, when it saw a jaw-dropping 41% gain in value.
To describe the reason behind the overwhelming performance, Glassnode hints at a combination of historic spot demand and a series of short squeezes, which has created a perfect storm in driving up the price of Bitcoin and sending it soaring to new heights.
#Bitcoin markets have seen the strongest monthly price performance since Oct-2021. This rally is fuelled by both spot demand, and a sequence of short squeezes We explore these dynamics across derivatives markets, and spot exchanges in our latest piece
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