The BTC/USD pair remained in a tight range as Wall Street attempted to recover.
The pair is trading at 39,220, which is slightly above this week’s low of 37,700. It has been in this range in the past few weeks.The BTC/USD rebound happened as American stocks attempted to bounce back as the earnings season continued. The Dow Jones added over 430 points while the Nasdaq 100 index rose by more than 195 points. Some of the best performers were tech companies like Microsoft, Visa, and Mastercard.and stocks has been close.
The Fed has also hinted that it will start implementing quantitative tightening in the coming months. This will involve reducing its balance sheet by about $75 billion per month. At the same time, on-chain data shows that inflows in Bitcoin have been a bit low in the past few months. Instead, many small investors have used the recent rallies to take profits. Another key event that happened is that the first ETP to combine gold and Bitcoin launched on the SIX Swiss Exchange. The product aims to make BTC a more mainstream asset.The BTC/USD pair has been moving without a well-defined trend in the past few days.
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