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Market News BTC Fear & Greed Index Hits Neutral on a Fed Fear-Fueled Sell-Off

BTC Fear & Greed Index Hits Neutral on a Fed Fear-Fueled Sell-Off

For the first time in six sessions, BTC closed Monday below $23,000, as Fed Fear caused the NASDAQ Index and the cryptocurrency market to decline.

Jimmy Khan

2023-01-31

6778

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Bitcoin (BTC) fell by 3.86% on Monday. BTC finished the day at $22,830, reversing a Sunday surge of 3.11%. The day ended with BTC trading below $23,000 for the first time in six sessions.

BTC rose to an early high of $23,785 before going backward after the day's uneven start. BTC declined to a late low of $22,500 after falling short of the First Major Resistance Level (R1) at $24,139. Before closing the day at $22,830, BTC crossed through the First Major Support Level (S1) at $23,177 and temporarily crossed through the Second Major Support Level at $22,607.

The NASDAQ Index and BTC plunged precipitously due to Fed Fear

On Monday, investor perception of the Fed deteriorated. Fears of a hawkish news conference from Fed Chair Powell propelled the NASDAQ Index into negative territory in the absence of any US economic data.

At the beginning of the week, investor fortitude was put to the test by uncertainty surrounding the earnings reports and outlooks of IT giants. This week will see the results from Alphabet Inc. (GOOGL), Apple (AAPL), and Amazon.com (AMZN). A negative combination would be a hawkish Fed and bleak forecasts.

With BTC recoupling with the NASDAQ ahead of tomorrow's Fed interest rate decision and press conference, the crypto news wires and FTX updates took a backseat.

Investors are anticipating a 25 basis point increase in interest rates on Wednesday, but Fed Chair Powell could hold an aggressive news conference instead. The US unemployment rate is at 3.5%, significantly below the Fed's 5% target, giving the Fed room to raise rates for a longer period of time.

Interest will be generated by US economic statistics today, with consumer confidence taking center stage. Before tomorrow's labor market data and Fed policy decision, a rise in consumer confidence might increase pressure on riskier assets.

Investors need to follow the cryptocurrency news feeds as well. Consideration should be given to the SEC v. Ripple, FTX, and Genesis developments as well as the chitchat from US legislators and regulators.