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Market News BTC Fear & Greed Index Sees Modest Rise to Signal a Choppy Session

BTC Fear & Greed Index Sees Modest Rise to Signal a Choppy Session

On Wednesday, the Bitcoin market was positive. Chinese economic data and Visa (V) news briefly masked the impact of US statistics and Fed Anxiety.

Jimmy Khan

2023-03-02

10192

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Bitcoin (BTC) increased by 2.44% on Wednesday. Bitcoin finished the day at $23,707, reversing a drop of 1.53% from Tuesday. Bitcoin returned to the $24,000 mark for the first time in five days thanks to the positive session.

Bitcoin dropped to an early low of $23,036 after the day got off to a muddled start. Bitcoin climbed past the First Significant Support Line (S1) at $22,934 and reached a peak of $24,009 in the late morning. Before finishing the day at $23,707, Bitcoin momentarily passed through the Second Major Resistance Level (R2) at $23,823 and the First Major Resistance Level (R1) at $23,483.

Visa (V) News and Chinese Economic Data Provide Backing for the Fed On Wednesday, anxiety and regulatory risk worries took a background. Demand for risky commodities increased during the early period due to Chinese economic data. The crucial Caixin Manufacturing PMI increased from 49.2 to 51.6 in February, surpassing the anticipated value of 50.2. An important development was the industrial sector's first expansion since July 2022.

The statistics were strong enough to overpower the impact of NASDAQ Composite Index and US economic data.

Although the ISM Manufacturing PMI showed that the manufacturing sector was still contracting, the sub-components backed up a more pessimistic view of Fed monetary policy. From 44.5 to 51.3, the ISM Factory Costs Index increased.

The NASDAQ Composite Index was impacted by hawkish Fed talk as well. According to reports, Fed moderate Kashkari is willing to raise interest rates by 25 or 50 basis points in March.

In reaction to the statistics and the aggressive Fed talk on Wednesday, the NASDAQ Composite Index dropped by 0.66%. The NASDAQ mini, on the other hand, was up 17.5 points this morning.