Ahead of the FOMC meeting on Wednesday, September 21, Bitcoin has come under severe selling pressure. As of press time, Bitcoin is trading 1.56% down at a price of $19,000 levels. Along with Bitcoin, other altcoins have also come under selling pressure.

Just to note that the $19,000 is a 50-month average for Bitcoin and its crucial support levels. As per data from Bloomberg, Bitcoin has been defending these levels since 2015. Thus, if Bitcoin fails to defend the support this time, it could mean further pain and price correction for BTC investors.

The Fed Meeting

The U.S. Federal Reserve will announce an interest rate hike on Wednesday owing to soaring inflation in the U.S. The Fed policy decision will be key to deciding the further price movement for Bitcoin.

The market could take a breather if the Fed announces a 75 basis points rate hike which will be on the expected lines. However, a 100 basis points rate hike could put severe selling pressure due to imperiling liquidity. Speaking to Bloomberg, John Toro, head of trading at digital-asset exchange Independent Reserve said:

The MVIS CryptoCompare Digital Assets 100 Index is down once again this week. The index is down 60% year-to-date against the 21% drop in U.S. equities.

MicroStrategy Buys More Bitcoins

On Tuesday, September 20, MicroStrategy announced their new purchase of 301 additional Bitcoins. Company CEO Michael Saylor noted:

MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.

MicroStrategy (NASDAQ: MSTR) is also considering a $500 million worth of stock sale to buy additional Bitcoins in its reserves.

About author Disclaimer

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Tagging: will crypto crash again.

via: Coingape.

The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. As a result, Marathon currently holds approximately 9,373.6 BTC, including the 4,813 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC.

The public miner deposited all bitcoin mined into custody and now holds over 6,300 BTC. The public miner deposited all bitcoin mined into custody and now holds over 6,300 BTC.

1. Bitcoin Holds At Crucial Support of 50-Month - BEAMSTART

  • Author: beamstart.com
  • Updated: 2022-09-23
  • Rated: 69/100 ⭐ (8349 votes)
  • High rate: 98/100 ⭐
  • Low rate: 64/100 ⭐
  • Summary: Bitcoin Holds At Crucial Support of 50
  • Matched Content: Just to note that the $19000 is a 50-month average for Bitcoin and The post Bitcoin Holds At Crucial Support of 50-Month Average, All Eyes 
  • Read more: here
  • Edited by: Dana Elysee

2. Bitcoin Falls Under High Selling Pressure, What Will Shoot Its Price?

  • Author: newsbtc.com
  • Updated: 2022-09-23
  • Rated: 88/100 ⭐ (7472 votes)
  • High rate: 88/100 ⭐
  • Low rate: 44/100 ⭐
  • Summary: Bitcoin Falls Under High Selling Pressure, What Will Shoot Its Price?
  • Matched Content: According to data, the $19,000 level is the 50-month average for Bitcoin. It reported that the value is the crucial support level for the 
  • Read more: here
  • Edited by: Patrizia Hawken

3. Today's Bitcoin Updates - CoinStats

  • Author: coinstats.app
  • Updated: 2022-09-23
  • Rated: 76/100 ⭐ (4992 votes)
  • High rate: 78/100 ⭐
  • Low rate: 46/100 ⭐
  • Summary: Today's Bitcoin Updates CoinStats
  • Matched Content: Fed Rate Hike: Huge 'Wrecking Ball' About To Slam Into Bitcoin, Bitcoin Holds At Crucial Support of 50-Month Average, All Eyes on The 
  • Read more: here
  • Edited by: Vale Dal

4. Bitcoin Holds At Crucial Support of 50-Month Average - NewsBreak

  • Author: newsbreak.com
  • Updated: 2022-09-23
  • Rated: 98/100 ⭐ (6165 votes)
  • High rate: 98/100 ⭐
  • Low rate: 66/100 ⭐
  • Summary: Bitcoin Holds At Crucial Support of 50
  • Matched Content: Bitcoin Holds At Crucial Support of 50-Month Average, All Eyes on The Fed · After Predicting Bitcoin At $100,000 Crypto Analyst Anthony Pompliano 
  • Read more: here
  • Edited by: Rosie Hetti

5. Us Fed Meeting - The Economic Times

  • Author: indiatimes.com
  • Updated: 2022-09-22
  • Rated: 69/100 ⭐ (6658 votes)
  • High rate: 98/100 ⭐
  • Low rate: 64/100 ⭐
  • Summary: Us Fed Meeting The Economic Times
  • Matched Content: us fed meeting Latest Breaking News, Pictures, Videos, All eyes will be on the crucial US Federal Reserve meeting today, as the street is potentially 
  • Read more: here
  • Edited by: Dulsea Estren