Key Points:
Bitcoin's movement diverges from stocks and gold, dropping 2% during the day at the beginning of the week.
Analysts hope that the upcoming Federal Reserve interest rate decision will boost BTC prices.
The hidden bullish divergence has strengthened expectations for a BTC price increase.
According to analysis, Bitcoin (BTC) hovered around $115,000 at the opening of Wall Street on Monday, with prices still having room to decline.
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD fell by as much as 2% from the day's high.
Bitcoin's movement diverges from gold and U.S. stocks, with the S&P 500 and Nasdaq Composite both opening higher. Gold prices broke through $3,655, just under $20 away from its historical high.
According to cryptocurrency trader, analyst, and entrepreneur Michaël van de Poppe, the weakness in BTC prices is related to key macroeconomic events this week.
Michaël van de Poppe noted that Bitcoin typically declines before the Federal Reserve's interest rate decision.
He stated on the X platform: "The price action before the FOMC meeting is very classic."
The FOMC, or Federal Open Market Committee, is widely expected to announce a 0.25% rate cut on Wednesday.
While some cryptocurrency market participants are disappointed that Bitcoin did not rebound in sync with risk assets at the beginning of the week, others have noted bullish chart signals.
Looks bullish… for Nasdaq pic.twitter.com/IsLUKXz8J8
One of these is the hidden bullish divergence in the weekly relative strength index (RSI).
According to well-known trader BitBull: "The hidden bullish divergence on the Bitcoin weekly chart has now been confirmed."
Trader Merlijn believes that the RSI divergence strongly indicates a continuation of the upward trend on a macro level, stating that BTC price increases are "inevitable."
At the start of the week, Bitcoin and stocks showed similarities in market sentiment.
Despite the S&P 500 reaching new highs and Bitcoin being close to its historical peak range, the overall sentiment is "leaning bearish."
According to Mosaic Asset Company's latest newsletter "Market Mosaic," "multiple sentiment indicators show that fear is the dominant emotion."
Mosaic pointed out that large investors are net short in various stock futures, and the market typically views this group's positions as a contrarian signal.
The report added: "Multiple sentiment indicators support rising stock prices, and the market is in the 'climbing the wall of worry' phase."
The cryptocurrency fear and greed index remained in the neutral range of 53/100 that day, far below the overbought level of 95 typically associated with historical peak price movements.
Related: Bitcoin is "pre-digesting future trends": 5 key BTC points to watch this week
Original: “Bitcoin Daily Dip Hits 2%, Classic BTC Price Action Precedes FOMC Meeting”
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