Today's $BTCUSD Forex Signal: Relief Rally to Continue For Now
Get StartedThe BTC/USD pair has been in a strong bearish trend in the past few months as worries about the Federal Reserve have risen. The pair has declined by over 40% from its all-time high that happened in November.
This explains why there have been a close correlation of Bitcoin and Nasdaq, an index made up of the biggest technology companies in the US. Historically, high-risk assets tend to underperform in a period of rate hikes. For example, after soaring to an all-time high in 2017, Bitcoin suffered its biggest decline in 2018 when the Fed made four rate hikes.
The BTC/USD also rose after the Fed chair said that the bank was done with its comprehensive study on Bitcoin and other cryptocurrencies.The four-hour chart shows that the BTC/USD pair has been in a strong bearish trend in the past few weeks. The pair’s weakness accelerated on January 5th when it moved below the key support at about 45,850.
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