FOMC Meeting Minutes Could Trigger Volatility for BTC🔥🔥🔥🔥
Bitcoin continues to trade sideways, around $109,000 during European trading on Wednesday. The lack of relevant market news has led to consolidation in BTC so far this week. However, this consolidation could come to an end during American trading as the minutes from the Federal Open Market Committee (FOMC) meeting are released at the end of Wednesday, which will provide more clues about the Fed's interest rate path. This, in turn, will drive and provide a new directional push for the top cryptocurrency by market capitalization.
According to a report by K33 Research released on Tuesday, BTC has remained bound within a range with low daily volatility since May 22, leading to a significant decline in implied volatility across options in the derivatives market.
Although BTC experienced an upward push, the chart below shows that implied volatility remains at annual lows after a week of moderate activity. The lack of general direction for BTC continues to reinforce a neutral directional bias in options, as the skew remains close to neutral across tenors, indicating a "wait and see" attitude among traders
