Best way to trade Bitcoin after FOMC minutes

professional cryptocurrency trader Justin Bennett shared his insights about Bitcoin's BTC/USD Market volatility and future predictions ahead of FOMC minutes.

what happened: Bennett emphasized on social media that the minutes were not about the Fed's interest rate decisions, so he did not expect the level of volatility typically seen in Fed interest rate decisions.

The trader also talked about his bearish stance on Bitcoin, which he adopted after the market lost some ground.

He predicted that Bitcoin could fall and wipe out longs, especially as the FOMC meeting approaches. He suggested that the best way to trade in the current range is to wait for these longs to clear out towards the low $61,000s and then wait for a buyback that could move higher.

Also read: Bitcoin, Ethereum, Solana predicted to surge by 2025 regardless of election outcome: Report

Bennett discussed various scenarios, including the possibility of Bitcoin falling towards levels like $59,000 or $57,000, depending on market structure and the liquidity building up in these areas. .

He also mentioned the possibility of a bounce back from $57,000, saying there will be a lot of demand if Bitcoin reaches this level. Bennett believes Bitcoin's invalidation level is in the mid-$64,000 range, and if Bitcoin crosses this mark, he expects it to move back towards highs like $70,000 to clear out the short market. said.

With the U.S. election season approaching, Bennett expects the market risks to disappear whether Bitcoin reaches $57,000 or $70,000. He concluded by advising traders to anticipate upcoming FOMC minutes and US CPI and PPI matches this week.

What's next: These discussions, along with the future of stablecoin regulation, will be a central topic at Benzinga's Future of Digital Assets event on November 19th.

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