This week marked a recovery for Bitcoin (BTC), the predominant cryptocurrency globally, after initially experiencing a significant drop against the US dollar. In the early days of the week, Bitcoin witnessed a nearly 600 basis points decline, causing apprehension among investors and traders.
Nevertheless, the digital currency quickly regained stability, demonstrating its resilience in the face of the typically volatile market conditions. Bitcoin’s trading value stabilized around $41,221, with market analysts emphasizing the importance of the $40,000 support level.
The cryptocurrency community is now closely monitoring the upcoming decision on the US Federal Reserve interest rate. Market experts anticipate the base rates to remain at 5.5%, but any unexpected statements during the decision could have a substantial impact on Bitcoin and the broader cryptocurrency market.
