🔥 Bitcoin Losing The Short-Term Uptrend? BAD Reaction To FOMC

31 בינו׳

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.