Fed's 'hawkish pause' comments send markets tumbling, BTC falls to $28,500 Bitcoinprice BTC crypto
- Financial asset prices trended down on Wednesday afternoon after Federal Reserve Chair Jerome Powell announced the latest 25 basis point hike in interest rates and signaled that another rate hike in June is a possibility if inflation metrics don’t improve by then.
Data provided by TradingView shows that Bitcoin price drifted lower throughout the trading day, hitting a low of $28,235 before spiking to a daily high of $28,915 shortly after Powell began speaking, only to once again pullback to support at $28,500.The daily downtrend in spot BTC price resulted in May Bitcoin futures prices trading slightly lower in the early hours on Wednesday, according to Kitco senior technical analyst Jim Wyckoff, who noted that, otherwise, there’s “Not much new.
Bitcoin has already seen two such periods in 2023. The initial climb to $21,000 in January was followed by two months of sideways trading before it surged above $28,000 in early March, where it now trades. Moving forward, Eight Global observed that BTC “is struggling with a strong resistance zone located between $30-32k” as there are “many sellers operating in this region.” They also noted that this is “a rational level to take profits given the consolidation seen on the left side of the chart.”“Therefore, it is logical for the price to stagnate at this point,” the analysts said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mayor stands up for ‘healthy, professional’ news mediaAlmost 500 news outlets in 335 communities across Canada have closed since 2008
Read more »
Bitfarms mines 379 BTC in April – Canadian InvestorBitfarms mines 379 BTC in April CanadiansInvest
Read more »
BTC, ETH, BNB emerge victorious amidst First Republic Bank collapse: Here’s howJPMorgan's acquisition of troubled First Republic Bank's assets, including loans, securities, and deposits totaling $295 billion, prevented significant losses as the crypto market reacted differently than when Silicon Valley Bank failed in March.
Read more »
BTC traders could be in soup as Bitcoin oscillates between red and greenAs of 1 May, BTC's hashrate reached a new all-time high of 473.87 EH/s. The spike in hashrate could be attributed to the rising Bitcoin ordinal inscriptions. However, despite this, BTC traded in the red at the time of writing.
Read more »
![Assessing Bitcoin’s [BTC] state as Ordinals hit a new record](https://i.headtopics.com/images/2023/5/3/cryptoamb/assessing-bitcoin-s-btc-state-as-ordinals-hit-a-ne-assessing-bitcoin-s-btc-state-as-ordinals-hit-a-ne-1653694134920568839.webp?w=640)
Assessing Bitcoin’s [BTC] state as Ordinals hit a new recordOrdinals hit a new all-time high in terms of both daily inscriptions and fees paid. During the episode, BTC’s hashrate also increased, as did miners’ revenue
Read more »
This is where you BTC holdings stand after the latest FOMC meetingIn the aftermath of the FOMC meeting, although BTC did make some moves in the green, it couldn't be labeled as sufficient bullish pressure. The risk of a sizeable downside still persists considering higher exchange inflows, usual volume, and not much of a difference on the price front.
Read more »