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The Bearish Run Continues As The FOMC Meet

It appears that the bearish momentum continues. Bitcoin edged lower on Wednesday pressured by the stronger US dollar. The markets awaited the Federal Reserve’s monetary policy outlook and progress concerning the stimulus deal.

At 11:08 AM GMT on Wednesday, Bitcoin was trading at $31,589, a 1.7% decrease over the last 24 hours. In the past few days, the bearish wave in Bitcoin price below $38,200 against the US Dollar. The key support levels between $35,000 and $34,000 were broken, moving BTC into a bearish zone.

tradingview chart on trading time

The TradingView chart shows that BTC/USD fell more than 3% in the early hours of the Asian trading session. With this fall, it hit an intraday low of $31,567 per BTC. While CME Bitcoin Futures fell by as much as 3.38% to $31,550.

Key Support Levels – $31,000 and $30,000.

Key Resistance Levels – $34,000, $34,800 and $35,000.

Loss occurred as dollar gained

From indications, the losses across the Bitcoin markets occurred in the wake of an intra-day US Dollar rebound. During the Asian trading session, the dollar grew a modest 0.07%, with a session high of up of 90.261. This is following its bounce off 21-day simple moving average support wave.

Analysts noted that traders should take cues from the Federal Open Market committee’s (FOMC) meeting on Wednesday. They suggest that if the US Central Banking committee remains dovish, it may prompt the dollar to break below its 21-DMA support. The dollar also faces downside pressure from its 50-day simple moving average.

According to the Nick from Ecoinometrics, the Bitcoin’s short-term bear run does not matter if the Federal Reserve’s policy maintain its long-term bullish outlook. To the analyst, a number of factors like interest-gaining Federal debt, negative-yielding bonds, and others will contribute to the push of Bitcoin upwards. He mentioned that:

Keeping bond yields low while trying to get some CPI inflation means that we’ll get negative real rates for a while. In the past, those conditions have helped create gold bull markets. As Bitcoin is increasingly seen as a store of value by institutional investors, it could benefit from the same dynamic.

The projection bases on the condition that the US Federal government keeps its expansionary policy intact. This will include by at least $120 billion of debt per month at almost no interest. Bloomberg signaled that the US Central Bank will not taper its program.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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