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A Bitunix analysis said Bitcoin’s upside may remain limited even if the Federal Reserve keeps rates unchanged at next week’s meeting.
Citing a Reuters survey, the cryptocurrency derivatives platform said 94 of 100 economists expect the Fed to leave its benchmark rate unchanged at 3.75% to 4.00% at the October meeting. Bitunix said rising global oil prices and a hawkish monetary stance could weigh on Bitcoin. Higher oil prices could fuel inflation, delay Fed rate cuts, or increase the possibility of additional hikes. In that case, lower dollar liquidity and weaker risk appetite could put downward pressure on Bitcoin prices.