BTC/USD Forex Signal: Bitcoin Buyers Disappear Amid a Hawkish Fed
It dropped to a low of 20,100, which was the lowest level since October 28. This price is slightly lower than last week’s high of 21,100.Bitcoin and other cryptocurrencies moved sideways shortly after the Fed made its decision. In it, the bank decided to deliver a jumbo rate hike in a bid to contain the stubbornly high inflation. It hiked by 0.75% for the fourth meeting straight and pushed rates to 4%.
The Fed also insisted that it will likely start lowering the pace of rate hikes in the coming months. Still, Powell insisted that the bank will maintain high interest rates in the near term in a bid to pull down inflation. Additional data by ADP showed that the private sector added over 239k jobs in October. The US will publish the non-farm payrolls on Friday.The US dollar index rose by 50 basis points to $111.90, which was higher than last month’s low of $109. Meanwhile, the Dow Jones declined by more than 500 points while the Nasdaq 100 index slipped by over 366 points or 3.35%.The four-hour chart shows that the BTC/USD pair has been in a bearish trend in the past few days.
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