The Fed's Decision Could Drive BTC Bearish
As we already know bitcoin and alt have seen some days in a bearish state, which could indicate that cryptocurrencies are no longer a viable option as a save haven asset as the recent downtrend has shown that market participants' interest in taking risky assets has diminished. This happened because the Fed gave a hawkish tone to raise interest rates by 50 BPS at the next FOMC. Making some market participants bet on an aggressive rise that put the DXY index at the level of 102.
Technical Analysis
There is strong support at the $37,500 area which if it is broken will continue its decline to the next support at $35,000 and $32,000.
After successfully breaking through strong support and being in that area, Bitcoin price may rebound in the $40,000 to $45,000 area
Technical Analysis
There is strong support at the $37,500 area which if it is broken will continue its decline to the next support at $35,000 and $32,000.
After successfully breaking through strong support and being in that area, Bitcoin price may rebound in the $40,000 to $45,000 area
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