Overview
• Bitcoin is performing well despite the pressure it faces from regulatory bodies and a volatile market.
• The S&P 500 is hovering between 0.75 and 0.5 levels, providing traders with an opportunity to benefit from its movements.
• The quarter-point interest rate rise by the Federal Open Market Committee (FOMC) created challenges for both crypto and stock markets.
Bitcoin Holding Its Own
Despite the scrutiny from regulators and a volatile market, Bitcoin has been holding strong at a price point of $27,727, indicating good performance for the cryptocurrency. Technical indicators suggest that any pullbacks from this price point could offer high-timeframe investors significant opportunities to leverage on them. Furthermore, any structural changes or upcoming airdrops may also be influential in determining future market behavior.
S&P 500 Range Offers Benefits
The S&P 500 index is currently rangebound between 0.75 and 0.5 levels, with a break in either direction likely to indicate where it will move next. Traders should use this as an opportunity to gain benefits by monitoring the upper and lower limits of the range closely and making informed decisions based on this data.
Rising Interest Rates Creates Challenges
The increase of quarter-point interest rates by FOMC came as expected but still presented difficulties for both crypto and stock markets alike. As traders took profits on their 20% gains over seven days, Bitcoin’s value slid below $27K leading to huge losses for BTC futures traders – amounting up to $150 million dollars with longs accounting for three quarters of those losses alone. This reinforced the Federal Reserve’s commitment towards getting inflation back up to 2%. However, traders were unprepared for such an increase after meeting completion which left billions worth of open interests effectively washed out in its wake.
How To Benefit?
High-timeframe investors are recommended to make use of any pullbacks offered at Bitcoin’s current price level as these can provide them with good opportunities for leveraging on them profitably despite all odds stacked against cryptocurrencies such as increased interest rates , regulatory scrutiny etc It is also advised that anyone trading Bitcoin should keep track of broader markets so they can better understand when it might be time to buy or sell their assets accordingly