Bitcoin got a lift last night with the stock market, as investors prepare for the 25 basis point (one quarter of a percentage) hike in interest rates. As the correlation between Bitcoin and stocks (and other risk on assets) increases, investors appeared to gain a surge of confidence with the certainty of the rate hike to fight inflation. We tested as high as $41.6K, which was our target from yesterday, then sold off immediately. After the volatility, we have seen a steady lift in BTC, back to $40K or so at the time of this writing. We will see if stocks continue to rally after the FOMC meeting, and if so this should bleed into Bitcoin as well. The levels $41.6K, $41.9K and $43.1K remain targets if see a lift. If not, then we will likely retreat to support at $38.2K.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.