The post Bitcoin (BTC) Price Volatility Spikes Ahead of United States FOMC Data appeared 1st on Coinpedia Fintech News
On Wednesday, several hours before the Fed released the FOMC meeting minutes, Bitcoin (BTC) price traded precariously at a level of support of around $26.6k, which was achieved late past week. Already, cryptocurrency traders were highly convinced of choppy cryptocurrency markets backed by both technical and fundamental aspects. Furthermore, the United States Federal Reserve was expected to release a detailed record of the FOMC’s most up-to-date meeting, which provides comprehensive insights into the economic and financial conditions that influenced their vote on where to set interest rates.
FOMC and Bitcoin (BTC) Market
From the cryptocurrency traders’ standpoint on the United States market, a more hawkish than predicted FOMC meeting minutes is definitely good for the United States dollar but bearish for Bitcoin. Already, the United States Dollar Currency Index (DYY) was up slightly during the early New York trading session. Reports by market data provided by TradingView, the DXY was up about 0.08 % to trade around 103.594. Bitcoin (BTC) price, on the other end, had dropped about 3 % to trade around $26.4k.
Cryptocurrency Price Action in Relation to the United States Economic Data
The mother coin was largely supported by the weekly 200 Moving Average (MA), regardless of the bleeding on the short time frames. Cryptocurrency traders understand the need for Bitcoin (BTC) price to close Wednesday over $26k to assure a positive tendency outlook on the relief rally. Furthermore, BTC’s dominance has presented many of uncertainty in the recent weeks.