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Market News BTC Fear & Greed Index Shows Muted Reaction to the FOMC Minutes

BTC Fear & Greed Index Shows Muted Reaction to the FOMC Minutes

BTC experienced yet another bearish session as it fell shy of $25,000 for the second time in as many sessions. Fed Regulative risks and fear persist.

Cory Russell

2023-02-23

9672

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Bitcoin (BTC) experienced a 1.12% decline on Wednesday. Bitcoin lost 1.49% on Tuesday and finished the day at $24,191. BTC fell shy of the $25,000 handle for the second time in seven sessions following the bearish session. The price of Bitcoin dropped below $24,000 for the second time in five sessions.

BTC increased to a morning peak of $24,485, despite the day's mixed start. Bitcoin, however, declined to a low of $23,578 in the late afternoon after failing to surpass the First Major Resistance Level (R1) at $25,071. Before finishing the day at $24,191, BTC briefly breached the First Major Support Level (S1) at $24,016.

Bitcoin Is Left in Mid-Week Limbo by the FOMC Meeting Minutes

The FOMC meeting minutes were the main topic of discussion during this hectic midweek gathering. Investors wanted to determine how far and for how long the Fed is prepared to go after a string of better-than-anticipated US economic indicators.

But there were no unexpected revelations in the minutes. Highlights of the meeting included elevated inflation, extremely tight labor markets, and the need for additional rate increases, with only two FOMC members voting in support of a 50-basis point rate increase.

The minutes caused Bitcoin and the larger crypto market to recoup some of their session losses. The US Jobs Report, the CPI Report, retail sales, and the ISM Non-Manufacturing PMI survey support a more hawkish Fed policy outlook, but the minutes are out of current.

The Coming Day

The US economy is in the news today, which makes it another hectic day. Jobless claims and Q4 GDP will be of relevance. Unexpected drops in unemployment claims and upgrades to Growth figures would support wagers on a more hawkish Fed. The afternoon session, which features FOMC member Bostic speaking, will also be influenced by FOMC member conversation.

However, it will be necessary to continue keeping an eye on US legislative action and regulatory activity. Investors should also keep an eye on the cryptocurrency news wires for developments on Binance, FTX, Silvergate Bank, and SEC v. Ripple that could change the market.

The NASDAQ mini was down 20.25 points this morning, indicating a gloomy start to the US session.