empty
15.06.2023 10:30 AM
Mixed Fed Meeting Outcome Pushes Bitcoin to New Local Bottom

The week of key macroeconomic events continues, and its influence on the global economy is becoming increasingly evident. Following the publication of the inflation report, which had a powerful positive impact, the markets received a cold shower after the Federal Reserve meeting and the officials' statements.

This image is no longer relevant

Despite the regulator's actions aligning with expectations, most key assets, especially high-risk ones, experienced an unexpected decline. Bitcoin became one of the main victims of Federal Reserve Chairman Jerome Powell's statement and experienced a significant drop below $25k.

Results of the Federal Reserve meeting

Some market players had doubts about the Fed's actions regarding the key interest rate. However, over 75% of investors were confident that the agency would take a pause in rate hikes. The drop in inflation to 4% increased the percentage of those who believed in the Fed's hawkish policy pause to 95%.

This image is no longer relevant

The markets were in a pleasant ecstasy after inflation fell below forecasted levels. The Fed indeed paused rate hikes in June, but Powell's subsequent statements shocked the markets. The official noted that the regulator still does not see clear evidence of a rapid decline in inflation to the 2% target level.

This image is no longer relevant

Considering this, the Fed Chairman hinted that as the inflation situation develops, the final benchmark interest rate may be higher than the current 5.25%. Powell also stated that the members of the agency do not see any prerequisites for monetary policy easing in 2023. The Fed believes that maintaining the current rate level until the end of 2023 will help achieve the 2% inflation target.

Bitcoin sets a new local low

Amid Powell's mixed statements, Bitcoin began to decline and, at the end of the previous trading day, fell below the $25k level for the first time in three months. On June 14, buyers managed to push the cryptocurrency's price back above $25k, but the second wave of decline did not allow the price to hold above that level.

This image is no longer relevant

Bitcoin's technical metrics indicate further decline towards the target level of $24.6k. The RSI index has broken the 30 mark, and the stochastic oscillator is undergoing a bearish crossover. The MACD has also resumed its downward movement, indicating the formation of a sustainable downward trend.

This image is no longer relevant

If the $24.6k level is breached, the structure of the upward trend that allowed BTC to reach $31k will be completely disrupted. All medium-term bearish targets will be achieved, and the price of BTC will continue to decline towards $23.5k–$24k. However, it is important to understand that for this bearish scenario to unfold, bears need to close the trading session below $24.6k.

As of 08:00 UTC, we do not see any activation of buyers or indications of a potential rebound. On the 4-hour chart, Bitcoin maintains a downward dynamic and does not show signals of a likely rebound. Everything suggests that BTC will at least retest the $24.6k level.

Conclusion

Bitcoin has set a new local low, which is the main takeaway after the publication of inflation data and the Federal Reserve meeting. These were key events that negatively impacted BTC price movement and may significantly strengthen sellers' positions.

This image is no longer relevant

The release of the labor market report is also expected, but its results are not expected to affect the asset's price. Therefore, if the cryptocurrency finishes the trading day below $25k, the local upward trend can be considered completed.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Recomendaciones para operar con el Bitcoin el 30 de mayo según el sistema ICT

El Bitcoin con mucho esfuerzo ha comenzado a corregirse, tras la retirada de liquidez de su último ATH. Durante casi una semana la criptomoneda se mantuvo en el mismo lugar

Paolo Greco 07:40 2025-05-30 UTC+2

Recomendaciones para operar en el mercado de criptomonedas para el 29 de mayo

El Bitcoin comienza una corrección, mientras que el Ether continúa mostrando señales de fortaleza. La caída de ayer del Bitcoin hacia el área de los $107 000 con un buen

Miroslaw Bawulski 11:00 2025-05-29 UTC+2

Recomendaciones para operar con el Bitcoin el 29 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento inusualmente no técnico y anómalo sin ninguna corrección ni retroceso. En los últimos días la situación técnica prácticamente no ha cambiado y la volatilidad

Paolo Greco 08:17 2025-05-29 UTC+2

Recomendaciones para operar con el Bitcoin el 28 de mayo según el sistema ICT

El Bitcoin mantiene un crecimiento anómalo, excepcionalmente no técnico, sin una sola corrección o retroceso. En los últimos días, el panorama técnico apenas ha cambiado y la volatilidad es bastante

Paolo Greco 08:06 2025-05-28 UTC+2

Análisis del par BTC/USD. El 27 de mayo. El pump del Bitcoin continuará

El conteo de ondas en el gráfico de 4 horas para el instrumento BTC/USD se ha complicado. Hemos observado una estructura correctiva descendente que concluyó alrededor del nivel

Chin Zhao 07:28 2025-05-27 UTC+2

Recomendaciones para operar con el Bitcoin el 27 de mayo según el sistema ICT

El Bitcoin continúa un crecimiento excepcionalmente no técnico y anómalo sin ninguna corrección ni retroceso. En los últimos días, el panorama técnico apenas ha cambiado, y la volatilidad es relativamente

Paolo Greco 07:28 2025-05-27 UTC+2

El Bitcoin se mantiene por encima de los $107 000

El Bitcoin ha vuelto a subir y ya ha superado el nivel de $109 900 tras una buena corrección hacia la zona de $106 000 el pasado fin de semana

Jakub Novak 11:08 2025-05-26 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 26 de mayo

La demanda de el Bitcoin y Ethereum regresó a comienzos de esta semana. El Bitcoin superó el nivel de $109 000, mientras que Ethereum intenta consolidarse por encima

Miroslaw Bawulski 11:08 2025-05-26 UTC+2

Análisis del par BTC/USD. El 23 de mayo. Otro pump del bitcoin

El conteo de ondas del gráfico de 4 horas para el instrumento BTC/USD se ha complicado un poco. Hemos visto una estructura correctiva bajista que finalizó su formación cerca

Chin Zhao 11:26 2025-05-23 UTC+2

Recomendaciones para operar con el Bitcoin el 23 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento anómalo y extremadamente no técnico, sin una sola corrección o retroceso. En poco más de un mes, el «oro digital» se ha encarecido

Paolo Greco 07:20 2025-05-23 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.