The FOMC Did Bitcoin No Favors... 📉
Bitcoin has rejected highs at 38K, following the FOMC. We saw choppy trading and an eventual dump after the Fed noted that it is entirely possible that they raise rates every subsequent meeting of 2022, while leaving them unchanged this particular meeting. This and the fact that inflation is the highest in a generation has weighed on global assets with Bitcoin as no exception. We appear to be seeking support around 35.5K, with 34.9K the next technical level lower. We saw good support at 34K if we press lower than that. If we rally, then we will have to break 38K which seems a lofty task at the moment, in order to establish a bull trend and attempt to claw back the 40K handle. We don't expect a recovery for the crypto market until after tax season.
Join my discord at discord.io/quantguy
Related publications
Disclaimer
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.