The FOMC Meeting September 2024 is finally here! Crypto is waiting for the FOMC meeting time this week as the highly-anticipated Fed rate cut date is on the horizon, but will Bitcoin finally pump?
Crypto prices are wavy at spot rates. After the leg up on September 13, Bitcoin 
BTC ▼-1.07%, Ethereum 
ETH ▼-1.60%, and other top altcoins are struggling for momentum.
Ethereum, for example, pulled back from $2,400. At the same time, Bitcoin lost $60,000 and remains under pressure.
The good thing is that the coin is within the support band of between $58,000 and $60,000.
(BTCUSDT)
If buyers are to take charge, then there must be solid gains above $65,000. This must also be with rising volume, for the uptrend to be confirmed.
All Eyes On The FOMC Meeting September 2024: When is Fed Rate Cut Date?
Though crypto prices are muted when writing, this week will be huge for the financial markets.
On Wednesday, September 18, the United States Federal Open Market Committee (FOMC) meeting will provide guidance on the immediate and medium-term trend of the country’s monetary policy.
Most importantly, moments after the interest rate announcement has been announced, the community will be waiting to hear from the chair, Jerome Powell.
Through this presser, Powell will relay their future policy rate plans. If they turn out to be dovish (laying out plans for even more rate cuts), then Bitcoin and value-preserving assets will rally.
On the other hand, if they are hawkish, slashing rates by, say, 25 basis points and reiterating their decision to keep rates steady for longer or hike, BTC and gold will tumble.
The interest rate announcement will lead to market turbulence.
Still, it is the Powell presser that every expert is looking forward to.
For this reason, the next two trading days would likely be muted as the community waits.
Top of the list will be the general expectations of the Federal Reserve and the FOMC to slash rates for the first time in over three years.
According to the CME FedWatch tool, the consensus is that the central rate will slash rates by 50 basis points on September 18.
(Source)
Regardless of what will happen on Wednesday, September has, historically, been a tough month for Bitcoin and crypto prices.
Will Bitcoin Rise Or Fall? Crypto Prices Tend to Rally In Q4 2024
Prices tend to contract in September but boom in Q4.
Last year, for example, prices rose sharply from October, peaking at over $73,800 by March 2024.
Whether this will be the trend this year remains to be seen.
There are multiple factors to consider as the year comes to a close.
The Fed will be closely tracked, but the outcome of the upcoming presidential election will be important.
A win for former president Trump will likely lift crypto and Bitcoin prices.
Trump is pro-crypto and currently accepts BTC, ETH, and other crypto donations.
DON’T MISS: Why BlackRock Sees Bitcoin as the Answer to Growing Financial Turmoil
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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