The post Bitcoinย (BTC) Price Volatility Spikes Ahead of Unitedย States FOMC Data appeared 1st on Coinpedia Fintech News
On Wednesday, severalย hours before the Fed released the FOMC meeting minutes,ย Bitcoinย (BTC) price traded precariously at a levelย ofย support of around $26.6k, which was achieved late pastย week. Already, cryptocurrency traders were highly convinced of choppy cryptocurrency markets backed by both technical and fundamental aspects. Furthermore, theย Unitedย States Federal Reserve was expected to release a detailed record of the FOMCโs 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 Bitcoinย (BTC) Market
From the cryptocurrency tradersโ standpoint on theย Unitedย States market, a more hawkish thanย predicted FOMC meeting minutes is definitely good for the Unitedย States dollar but bearish for Bitcoin. Already, the Unitedย States Dollar Currency Index (DYY) was up slightly during the early New York trading session. Reportsย by market data provided by TradingView, the DXY was up about 0.08 % to trade around 103.594. Bitcoinย (BTC) price, on the other end, had dropped about 3 % to trade around $26.4k.
Cryptocurrency Price Action in Relation to the Unitedย States Economic Data
The mother coin was largely supported by the weekly 200 Moving Average (MA), regardlessย of the bleeding on the short time frames. Cryptocurrency traders understand the need for Bitcoinย (BTC) price to close Wednesday over $26k to assure a positiveย tendency outlook on the relief rally. Furthermore, BTCโs dominance has presented manyย of uncertainty in theย recent weeks.
