A 3-day profitable streak got here to an finish for Bitcoin (BTC) on Wednesday. Whereas avoiding a fall again to Monday’s present month low $32,937, Bitcoin slipped by 0.40% to finish the day at $36,829.
Bitcoin Response to the FED
Forward of the FOMC’s announcement and FED Chair Powell press convention, Bitcoin had been up 2.74% earlier than hitting reverse.
Bitcoin market response to the FOMC policy decision and rate statement was evident late within the U.S session. Bitcoin rose to a day excessive $38,930 earlier than hitting reverse. The reversal continued via the FOMC press convention, with Bitcoin sliding to a day low $36,276.
A late transfer again via to $36,800 ranges restricted the injury on the day, with Bitcoin largely monitoring the NASDAQ 100 which eked out a 0.02% achieve.
Earlier within the month, Bitcoin had additionally been delicate to the FOMC meeting minutes. Bitcoin had slumped by 2.7% throughout the first hour of the assertion being launched. This time spherical, Bitcoin fell by 1.10% in response to the speed assertion and by 4.50% in response to the assertion and the press convention.
Broader Crypto Market Has a Blended Session
From the highest 10 by market cap, Cardano (ADA) and Ethereum (ETH) rose by 3.36% and by 0.18% respectively. Against this, Solana (SOL) and Binance Coin (BNB) fell by 2.71% and by 2.65% respectively.
The Bitcoin Concern & Greed Index
Three consecutive days within the inexperienced and a modest fall on Wednesday have influenced the Bitcoin Concern & Greed Index. Having fallen again to 11/100 on 23rd January, the Bitcoin Fear & Greed Index sits at 20/100 on the time of writing. The rise has seen the Index inch nearer to a present month excessive 24/100 and extra importantly 30/100 ranges.
The index at the moment sits within the purple, reflecting the market’s bearish sentiment. A transfer again via to 30/100 and into the orange would mirror a shift in sentiment and a shopping for alternative, nonetheless. Again in November, the Index had risen to 84/100 on 9th November earlier than hitting reverse.
Bitcoin Worth Motion
On the time of writing, Bitcoin was down by 2.75% to $35,816. A transfer via the day’s $37,345 pivot would convey the primary main resistance stage at $38,414 and Wednesday’s excessive $38,930 into play.
Failure to maneuver via the day’s pivot, nonetheless, would depart the primary main assist stage at $35,760 in play. An prolonged sell-off would convey sub-$33,000 ranges into play as soon as extra. The second main assist stage sits at $34,691.
On the time of writing, the NASDAQ100 mini was down 235.75 factors, a damaging sign for Bitcoin and the broader crypto market.
