🔥 Bitcoin Losing The Short-Term Uptrend? BAD Reaction To FOMC
With the FOMC practically concluded, the market is reacting with a strong sell-off in both crypto and stocks. The FED has announced to keep their interest rate stable for the 4th time in a row, as it wants to see a stronger reduction in inflation before cutting rates.
Higher rates for longer, the market doesn't like that.
As seen on the chart, BTC is trading in a decent uptrend for the last week. However, there's a risk that the FOMC will mark a top and that the bears will take over from here. Keep in mind, bears are still waiting patiently after the post-ETF sell-off.
If BTC breaks through the bottom support, we could quickly fall back towards 41k or even lower.
Higher rates for longer, the market doesn't like that.
As seen on the chart, BTC is trading in a decent uptrend for the last week. However, there's a risk that the FOMC will mark a top and that the bears will take over from here. Keep in mind, bears are still waiting patiently after the post-ETF sell-off.
If BTC breaks through the bottom support, we could quickly fall back towards 41k or even lower.
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