Bitcoin below $80,000 after the Fed: will $79,500 give way?
Bitcoin briefly rebounded after the Fed's decision, before erasing all of its gains and falling back below $80,000. BTC is now returning to test the bottom of its bearish channel, near decisive support located at…
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https://cryptoast.fr/bitcoin-sous-les-80-000-apres-la-fed-les-79-500-vont-ils-ceder/
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The American Federal Reserve maintained its key rates between 3.75 and 4% this Wednesday, October 28, in line with expectations. Two members nevertheless voted in favor of a further increase of 25 basis points, reflecting continued concerns about inflation.
During his press conference, Kevin Warsh highlighted the resilience of the American economy, while recalling that inflation remained too high. He gave no specific guidance on the December decision, for which markets are still pricing in a roughly 85% chance of a rate hike.
The price of Bitcoin (BTC), which was trading around $80,750 at the time of the announcement, initially increased by more than 1% to reach $81,709. But this enthusiasm quickly disappeared: BTC erased its entire rebound overnight, reaching $79,607.
This reaction confirms the market's difficulties in regaining upward momentum, as shown in the charts.
On the 4-hour chart, the rebound on October 28 allowed Bitcoin to briefly penetrate its Ichimoku cloud, whose bounds were between $81,270 and $82,000.
Only one candle managed to close inside the cloud, at $81,515, before the next one came out at the bottom. This rejection confirms the resilient role of this area, which is currently preventing any lasting recovery.
The bearish movement then accelerated overnight, with a fall of around $1,100 in one hour, bringing BTC back to contact with $79,600.
From a technical point of view, the bullish crossover between the Tenkan and the Kijun observed on October 28 remains present. However, the price is now moving below these two indicators, located around $80,500, as well as below its 50-period moving average, near $81,080.
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- Cryptoast29 Oct, 12:50
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