Bitcoin price could fall as low as $30,000 in response to Fed meeting

Bitcoin price could fall as low as $30,000 in response to Fed meeting
Bitcoin price could fall as low as $30,000 in response to Fed meeting
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The first Fed meeting of the year ended on Wednesday, and the news is definitely not dovish. The possibility of a rate cut at the March meeting has faded and most of the market has started betting on the May one. However, both the stock market and Bitcoin reacted with a decline. Immediately after the session, the price of Bitcoin fell by almost 4%.

Jerome Powell, chairman of the Fed, emphasized during the press conference that for the reduction base rates they need more confidence in sustainable decline in inflation towards the target of 2%. Overall, the spirit of the speech was quite hawkish, and according to IG Markets analyst Tony Sycamore, that sentiment could cause trouble for both US stocks and Bitcoin.

The stock market shows negative sentiment

This week is marked by the publication of the economic results of companies such as Microsoft, Alphabet (Google), AMD, Apple, Amazon or Meta. AND the market does not react positively to them. For example, Alphabet’s stock price immediately after the results were announced down more than 5%. Apple had already fallen for 6 straight days before the results were announced, and AMD was down more than 7% since Monday. And these are the results in most cases better than expected.

Will Today’s Option Expiration Support Bitcoin Price?

Tony Sycamore adds that negative sentiment on the market can also be read from the reaction to companies’ economic results. He estimates that he would the price of bitcoin could collapse until somewhere on the $30,000 mark and then start the growth again. We’ll see how today’s trading day goes. The weekly candle is green so far, and today’s could also support growth $1 billion worth of bitcoin options expire. Although it is not as much as last Friday, it could still affect the price.

The article is in Czech

Tags: Bitcoin price fall response Fed meeting

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