Bitcoin Continues To Defy All Odds As Crypto Markets Face Turmoil: How Can You Benefit?
The post Bitcoin Continues To Defy All Odds As Crypto Markets Face Turmoil: How Can You Benefit? appeared first on Coinpedia Fintech News
As Bitcoin continues to endure scrutiny from the SEC and banks, and pressure from the rising interest rates and an under-pressure stock market, expert crypto analyst Jonathan Fiorenza believes that any pullbacks from the current price point offer a significant opportunity. He is of the opinion that high-timeframe investors should leverage this.
Bitcoin Holds Strong
Bitcoin’s price point of $27,727 indicates that the cryptocurrency is performing well, despite facing challenges from regulatory bodies and a volatile market.
However, here’s how people could still benefit.
With all moving averages angled upwards, strong momentum could push prices higher, though structural changes and upcoming airdrops could also play a role in influencing the market’s behavior.
Meanwhile, the S&P 500 is stuck in a range between the 0.75 and 0.5 levels, with a break either up or down likely to determine the next direction of the market. Traders can use this to their advantage by keeping a close eye on the broader market’s movements and monitoring the range’s upper and lower limits.
Rising Interest Rates Challenge Crypto and Stock Markets
The quarter-point interest rate rise by the Federal Open Market Committee (FOMC) in line with expectations presented a challenge for both the crypto and stock markets.
Traders took profits on a 20% gain over a seven-day rolling period, causing Bitcoin to slide under $27,000. BTC-tracked futures traders experienced over $150 million in losses, with longs accounting for over 75% of these losses.
The FOMC decision reinforced the Federal Reserve’s commitment to returning inflation to its 2% objective. However, traders were caught offside by the move higher after the meeting, causing billions in open interest to be effectively washed out.
