Hawkish Fed staje na pad cijena Bitcoina (BTC).

Earlier this week on Wednesday, February 15, the world’s largest cryptocurrency Bitcoin (BTC) skočio više od 12% inching closer to $25,000. This sparked a major euphoria in the crypto space that BTC could be heading to a further rally this year.

However, the macro indicators are flashing warnings and the hawkish fed rhetoric is a drag down. In the last 24 hours, the BTC price tanked by more than 4% and is currently trading at $23,797 with a market cap of $459 billion. Apart from this, some of the top altcoins have also retreated.

Investors are questioning what’s the next trajectory for Bitcoin (BTC) going ahead. Was yesterday’s price pump a dead cat bounce? On-chain indicators suggest that investors don’t need to worry yet. Citing data from IntoTheBlock, popular market analyst Ali Martinez primećeno:

Još nema razloga za brigu! @intotheblock's IOMAP to pokazuje Bitcoin izgradili vitalnu barijeru za podršku između 21,700 i 23,700 dolara, gdje je 1.60 miliona adresa kupilo preko 1.32 miliona $ BTC. If this demand wall can hold #BTC, primijetite da je sljedeći ključni otpor na 27,000 dolara.

As Bitcoin (BTC) posed 50% gains since the beginning of 2023, Bloomberg’s senior commodity strategist Mike McGlone explains the reason behind it. He rekao: “Bitcoin reached the steepest discount vs. its 200-week moving average at the end of 2022. This is a top reason for the 1Q snapback, but the global economic ebbing tide still looks unfavorable”.

Bitcoin and Equity Markets

Today’s drag down of the Bitcoin price comes with a correction on the top three Wall Street indices on Thursday. Bitcoin’s strongly correlated index Nasdaq Composite (INDEXNASDAQ: .IXIC) tanked by 1.78% ending at 11,855.

In order to tame the stick inflation, Fed officials are proposing larger rate hikes in the upcoming FOMC meetings. This is likely to draw away the interest from risk assets like Bitcoin.

In a note earlier this week, Goldman Sachs explained that “the fight against high inflation is still ongoing and there still remains more work for the Fed that has to be done”. It expects the growth stocks to face grater challenges going ahead.

Bhushan je FinTech entuzijast i ima dobar osjećaj u razumijevanju finansijskih tržišta. Njegovo zanimanje za ekonomiju i financije skreće mu pažnju prema novim Blockchain tehnologijama i tržištima kriptovaluta. Konstantno je u procesu učenja i drži se motiviran dijeljenjem stečenog znanja. U slobodno vrijeme čita romane o trilerima, a ponekad istražuje svoje kulinarske vještine.

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