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Bitcoin (
$63,083.00 ) reached $24,260 during the morning of February 02 (UTC) – marking a 24-week high.
Similarly, the total crypto market cap touched $1,098.4 billion, a 24-week high.
Approximately five hours earlier, the Federal Open Market Committee (FOMC) meeting concluded, announcing a 25 basis point rate hike in line with market expectations.
Expectations are that the next FOMC meeting, scheduled for March 22, will conclude with another 25 basis point hike, leading to a pause in the schedule, thus stabilizing the cost of borrowing and potentially signaling the start of a pivot.
However, per the FOMC statement, the Committee will continue monitoring information and act accordingly to meet its goals, primarily a 2% inflation rate.
“The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.”
The Bitcoin ( $63,083.00 ) narrative has flipped.
In response to the expected rate hike, Bitcoin ( $63,083.00 ) moved higher to record a 46% year-to-date gain.
Source: BTCUSDT on TradingView.com
Since topping out at $24,200, a shooting star candle has formed on the daily chart, taking away most of today’s gains. This potentially signals a downside move in the near term.
Nonetheless, aside from short-term fluctuations in price, the overall narrative around cryptocurrencies and risk-on assets, in general, has flipped, despite ongoing macro uncertainty.
The Fear and Greed Index currently reads 60 – indicating greed in investor sentiment. Four weeks prior, the index was at 26, hovering just above extreme fear.
According to Coinglass, crypto shorters were liquidated to the tune of $133.35 million over the last 24 hours. The single largest liquation was a Bybit Bitcoin ( $63,083.00 ) shorter, which lost $1.69 million in the trade.
Posted In: Bitcoin ( $63,083.00 ) , Analysis
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