Bitcoin Pullback Reflects Uncertainty Ahead of Fed Meeting
Dow Jones
Yesterday
1059 ET - Bitcoin's recent pullback from the $79,000 level reflects continued uncertainty among investors ahead of the upcoming Federal Reserve meeting rather than a bearish trend reversal, XS.com's Simon-Peter Massabni says in a note. The cryptocurrency's price action of late highlights a clash between buyers trying to defend current levels and sellers concerned by a stronger U.S. dollar and rising interest rate expectations, Massabni says. "The Federal Reserve remains the most influential factor in Bitcoin's short-term outlook," he says. The central bank's interest rate decision is important, but so is the messaging that policymakers are sending about the future of monetary policy, Massabni says. Bitcoin is down 3% at $75,940, according to data from CoinGlass.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.