(MENAFN- Daily Forex)

• The Bitcoin market fell a bit during the early hours on Wednesday as we wait for the FOMC meeting, the FOMC meeting and interest rate, press conference statement all come into the picture to drive the value of the US dollar.
• Now, while the Federal Reserve is expected to cut interest rates by 25 basis points, this is something the market's known for a while.
• So, I don't think that has anything to do with what happens next. But I do think the press conference could have some influence.

Bitcoin is being driven by a little bit of a mania at the moment. If you listen to any of the people online, I am starting to hear some of the warning signs about how it fixes everything, but really at this point in time, I don't think we're to that point yet. I do think a significant correction will be coming sooner or later, perhaps sometime during 2025, but as things stand right now, I see quite a bit of support at the $100,000 level to begin with the $96,000 level, the 50 day EMA, which is at about $91,500 and then finally at the $90,000 level.

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So, it's difficult to get short here and I wouldn't do that. But what I would look at this through is the prism of buying on the dips and finding a little bit of value. I do think that Bitcoin is more likely to hit $110,000 than $90,000, but if it did hit $90,000, I'd probably just buy a bit more. I do think that we are stretched, but that might just mean we need to set up a new range.

As you had seen earlier this year, that range can last for quite some time, but most Bitcoin longer term types of holders will just use that to accumulate more. I don't have a situation where I would short this market, at least not at the moment. We would have to see something massive change in the economic outlook and the monetary flow situation.

EURUSD Chart by TradingView

So with that being said, I do like the idea of a little bit of a dip in order to take advantage of cheap Bitcoin, but I don't know if this is deep enough to get me that excited.

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