Feds Interest Hike Posing A Threat To A Bullish Momentum For Bitcoin
The king crypto has witnessed a dump in it's market price, has we see that bitcoin has gone towards trading at $22k. Before this recent development it has been projected that the current interest hike will act as a catalyst in seen that bitcoin reset as regards market price.
Bloomberg senior intelligence Manager Mike McGlone says that if the Federal Reserve continues to increase interest rate amidst facing recession, this will influence the continuous down trend of bitcoin. But there is a catch he says that if bitcoin is able to stay resilient amidst this these Feds interest hike if it get past a key price level of $25,000.
He said Risk vs. reward could be tilting toward responsive, tactically focused sellers, with around $25,000 in Bitcoin marking pivotal resistance. Cryptos needs to show sustainable strength amid concern that the 2022 risk-asset lows might not be bottoms.
The federal funds rate a year ago was zero and is still rising, and markets appear to be underestimating the long and variable lags of monetary policy, which seems ample reason to be defensive. Our inclination is straightforward: Risk assets need to prove resilience at the start of March, as the federal funds rate was zero a year ago and is approaching 5%.
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