New analysis says Bitcoin “doesn’t call for a rally” below $37,500 as the Federal Reserve’s latest comments offer little direction.
Market Update
Bitcoin (BTC) has climbed down from multi-day highs on January 27 as a result of the most recent meeting of the US Federal Reserve that saw bulls waning in enthusiasm. their.
Bitcoin Disappoints As It Drops Below $37,500
Data from Cointelegraph Markets Pro and TradingView has shown BTC/USD is regaining some of its gains, which had topped out at $38,950 on Bitstamp.
The pair then refocused on $36,000, which is close to where it was trading at the time of writing.
As momentum picks up, market commentators are starting to hope for a stronger weekly close, possibly including a challenge of the $40,000 mark. Now, however, the mood was noticeably less euphoric.
“Bitcoin rejected at $38k and hit first key support at $36k here,” Cointelegraph contributor Michaël van de Poppe summary for Twitter followers.
“There could be a short-term bounce, but anything below $37.5k is not a call to the upside.”
Van de Poppe joined others in expressing displeasure with the outcome of the Fed meeting, especially as the Chairman, Jerome Powell, the Chairman, Jerome Powell, lacked insight and new policy information.
“With inflation above 2% and a strong labor market, the Commission expects it will soon be appropriate to raise the target range for the federal funds rate,” a Federal Open Market Committee statement read. .
“The committee decided to further slow down its monthly net asset purchases, bringing them to an end in early March.”
With that said, the crypto market has little macro cues to react to, a paradigm shift in price behavior is yet to emerge.
Crypto Liquidation Passes $300 Million
Altcoins have followed Bitcoin by dropping several percentage points on the day, once again adding to the overall loss of the week.
Related: Bitcoin Experts Split BTC Exchange As Bloomberg Analyst Keeps Eyes on
Ether (ETH) has dropped back below $2,500, still down 22% over the past seven days.
Others were somewhat better, with Dogecoin (DOGE) retaining most of its previous progress and Cardano (ADA) trading unchanged at $1.06.
However, not everyone escaped the Fed’s aftermath unscathed, with total cross-crypto liquidations surpassing $320 million, data from on-chain custodian resource Coinglass has confirmed. .
