Bitcoin Hits New 6-Month Highs after the Fed’s Feeble Pushback
The US Fed hiked by 25 bps and pointed to more tightening, but weak pushback against markets expectations for a pivot hurt the greenback and helped BTC/USD to higher highs
The US Fed hiked by 25 bps and pointed to more tightening, but weak pushback against markets expectations for a pivot hurt the greenback and helped BTC/USD to higher highs
The top chart shows bitcoin’s weekly chart, the bottom chart is the US10-year real rate. Bitcoin is showing strength as real rates moderate.
BTC/USD consolidates today, but runs a solid week, showing resilience to news that Coinbase is laying-off around 20% of its workforce
The US Fed moderated its tightening pace last week, but sees rates peaking higher than previously expected, with the hawkish stance knocking BTC/USD down
BTC/USD rose to the highest levels in a month and past key resistance, following the moderation is US inflation, as markets now brace for the Fed’s policy decision
The bitcoin H4 chart shows a value-type pattern. It charted a sideways distribution from the last week of October into the first week of November (blue-shaded area). After which bitcoin dropped from the 20K range to the 16K range, a decline of around 20%.
Over the last two weeks, Bitcoin has been in a consolidation pattern - a small ascending triangle. This pattern generally suggests continuation, i.e., a base case of a breakdown as the cryptocurrency comes under further pressure.
BTC/USD finds support today, despite the collapse of another crypto lender and hawkish remarks by Fed officials
Crypto fears persist after FTX filed for bankruptcy, but BTC/USD covers initial losses, help by supportive comments from Elon Musk
Cryptocurrencies take a hit this week as crypto exchange FTX faced liquidity issues and rival Binance agreed to acquire its non-US operations
BTC/USD dropped after the Fed’s latest jumbo rate hike on Wednesday, but shows resiliency to the hawkish commentary, trying to avoid a losing week
Risk Warning: Trading Margin FX/CFDs carries a high level of risk, and may not be suitable for all investors. Leverage can work against you. By trading, you could sustain a total loss of your deposited funds but wholesale clients could sustain losses in excess of deposits.
Exchange: ${getInstrumentData.exchange}
${getInstrumentData.bid} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.