Bitcoin Slips Below $40k After Hostile Statements From Fed
Categories: Bitcoin US AUSTRALIA
Bitcoin, the flagship crypto slipped below $40K after the Federal Reserve Bank of the United States made hostile comments. Powell stated on Thursday that at the upcoming Federal Open Market Committee meeting, the Federal Reserve will consider raising the benchmark interest rate by 50 basis points (0.5 percentage point).
Bitcoin Slips Below $40K
It was only a couple of days prior that the main digital currency hit a high of about $43,000, its most elevated level in more than 10 days. This was a particularly astonishing cost given that the resource had tumbled to a month to month low of just $39,000 prior this week.
BTC, then again, was completely dismissed at its neighborhood top and immediately switched course. The asset’s value plummeted to $40,000 in a matter of hours. As the bulls lose the $40,000 support level, a level that has yet to be established as a meaningful line this year, the most valuable coin has no shortage of negative mid-term predictions.
Bitcoin’s price failed to retain the important levels of $41,500 and $40,000 despite a strong negative control. Bears are expected to aim for the $38,536 swing low from Monday, which is a clear objective for those still in the trade. If the swing low is breached, the BTC price may be disappointed and fall back to low $36,000.
BTC price has to open above $44,088.73 on Monday, as a Macron victory will cause the Greenback to fall further, allowing for further upside possibilities. Add to that the fact that news from Ukraine is becoming increasingly second-tier and receding into the background, indicating that talks are still ongoing and a solution might be reached at any time, as Russian military efforts are now focused solely on the west, rather than the entirety of Ukraine.
The French election is the major event risk this weekend. If Le Pen, a far-right candidate, defeats Macron in the election, expect a huge market shift and shock on Sunday evening and Monday in the ASIA PAC session.