Bitcoin BTC crypto cryptocurrency Bitcoin struggles to hold support at $20,200 following the latest interest rate hike
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“This decision was as expected and so the market has already braced for it,” said Damian Scavo, CEO and Founder of Streetbeat. “Given the latest rise in interest rates, we expect to see inflation cool down in November and see better news for the market as soon as December, despite ongoing stock market volatility during the crisis in Ukraine.”
Data from TradingView shows that Bitcoin whipsawed in response to the interest rate hike, trading as high as $20,811 and hitting a low of $20,210, with bears now attempting to push for further declines.The resumption of sideways trading for Bitcoin on the daily chart “is not bearish – yet,” according to Kitco senior technical analyst Jim Wyckoff, who noted that “A fledgling price uptrend is still in place on the daily bar chart.
The S&P, Dow and Nasdaq all briefly traded in the green around the time of the rate hike announcement, but reversed course as the day progressed to close down 2.5%, 1.55% and 3.36%, respectively.
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