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
The market will listen to the statement's tone and Fed Chair Powell's press conference. How it is perceived will be market-moving. The real rate looks to be setting up for a trough (green arrow). If so, bitcoin may be charting a peak. I.e. if the tone is hawkish and the real rate moves up, bitcoin is likely to come under pressure.
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