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BTC Fear & Greed Index Signals Steady Session Despite Bearish Mood
Despite BTC falling below $16,500 this morning, the Fear & Greed Index remained stable. US statistics and the NASDAQ Index will have an impact later today.
0.97% less bitcoin (BTC) was traded on Wednesday. BTC finished the day at $16,558 after losing 1.33% on Tuesday. Notably, BTC fell below $16,500 for the first time in eight sessions while failing to reach $17,000 for the eighth straight session.
After a rocky morning, BTC increased to a high of $16,797 in the middle of the afternoon before going backward. BTC declined to a late low of $16,444 after falling short of the First Major Resistance Level (R1) at $16,932. At $16,562, BTC breached the First Major Support Level (S1) before closing the day at $16,558.
Recession and the Fed Geopolitics and phobias transacts in NASDAQ and BTC South
Investor mood was negatively impacted by Russia's embargo on oil shipments to nations with price ceilings and China's continued relaxation of COVID-19 restrictions. The possibility of a hard landing is increased by worries that a spike in raw material demand would drive up commodity prices and force the Fed to continue raising interest rates.
A sharp increase in new COVID-19 cases throughout China, however, was equally unfavorable. The possibility of further COVID-19 versions and yet another global border closure increased the pessimistic feeling. Governments are placing restrictions on visitors from China in response to the most recent COVID-19 revelations.
Riskier assets suffered losses of 1.35% and 1.20% on the NASDAQ Index and S&P 500, respectively, as a result of the adverse attitude.
The US economic calendar is quite quiet today. However, curiosity will be piqued by US unemployment claims data. Better-than-expected results would encourage the Fed hawks given the US unemployment rate of 3.7% and the Fed's aggressive interest rate trajectory.
Investors should also keep an eye on any FOMC member discussion and the cryptocurrency news wires. Talk of the hawks would exacerbate the negative feeling. BTC is most likely to follow the NASDAQ Index throughout the afternoon session, barring any significant crypto happenings. This morning, early support came from the NASDAQ mini, which was up 18 points.
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