Bitcoin witnessed a significant 5% upswing, coinciding with the anticipation surrounding the Federal Open Market Committee (FOMC) announcements and the Federal Fund Rate . The surge highlights Bitcoin interplay with traditional financial indicators and its resilience.
Nomura, a Japanese investment bank, recently launched a Bitcoin-focused fund targeting institutional investors, potentially contributing to the surge in BTC. Despite the positive news, market sentiment remains between neutral and bullish.
The global crypto market cap has risen by 1.3%, nearing the $1.12 trillion milestone.
Traders are cautious ahead of the FOMC's interest rate decision, which could impact cryptocurrency prices.
Nomura's Bitcoin adoption fund is expected to increase demand for BTC among institutional investors. Bitcoin's price is poised to break the significant resistance at $27,500, with potential targets at $28,200 and beyond.
Key support levels are at $27,050 and $26,800, while breaching the latter could lead to a correction towards $26,200. The FOMC announcement and Nomura's Bitcoin fund are key factors shaping the current cryptocurrency market.