Bitcoin attempts a rally above $22.000 as U.S. stocks are trading higher on Wednesday as investors await the Federal Reserve's latest monetary policy decision.
The S&P 500 gained about 1% shortly after the opening bell, and the index appeared to end a five-day losing streak. The Nasdaq rose more than 1% and the Dow added more than 200 points, or 0,9%.
Bitcoin formed a support base near the $21.000 level against the US Dollar and even dropped close to $20.100 earlier in the day. BTC is attempting a recovery wave, but the bears can drive the price down again when the price hits the $23.000 resistance. However, the price is still well below the $24.000 level and the 100 hourly simple moving average.
Despite the prospect that the Federal Reserve will accelerate its rate hike, raising fed funds by 0,75 percentage point (compared to 0,50 in past projections). However, for Fontes, interest rates should go much further to control inflation, which should also cause the US recession scenario. “There will be no soft landing, the problem is too big to address without causing a recession. We will most likely see a recession”, points out the expert.
Bitcoin (BTC) should only have a stabilized price after a statement from the Fed today, which is why the market's attention turns to the announcement after today's decision, which should take place only after 14:15 pm ET USA and XNUMX:XNUMX pm in Brazil.
