Bitcoin Rally Falls Short

28 Tem 2022

Bitcoin saw a nice pivot from support at 20.7K after the FOMC statement. The 75bps rate hike lifted uncertainty about the Fed's outlook and stocks and other risk on assets were clear for a rally. We broke above 22.4K, but are meeting resistance in the vacuum zone between this level and 23.9K. We don't expect anything staggering from Bitcoin in the near future, so anticipate resistance at 23.9K. If we see a retracement, we could easily head back to support at 20.7K. There is strong support in the 20K's, but if this does not hold, 18.6K is a likely floor.