Fed Chairman Jerome Powell indicates that rates may need to move higher than was previously expected. Risk assets decline accordingly. GWilliamsJr_CMT
Thoughts of bitcoin recapturing its 20-day moving average this week diminished Tuesday as a troubling inflationary picture took center stage once again.
At 9 a.m. ET, markets were assigning a 70% chance to the Federal Open Market Committee boosting interest rates by 25 basis points during its March 22 meeting. Last month, with macroeconomic data heading in a more favorable direction, markets saw a 98% chance for a 25 bps increase.To be sure, BTC and ether prices have been resilient even as jobs and price data has soured. In the initial hour after Powell’s comments, bitcoin and ether fell 0.30% and 0.44%, respectively, before quickly regaining lost ground.
BTC and ETH prices are now within 2% and 1%, respectively, of the lower end of their Bollinger Bands. A breach of the lower band would imply an outsized decline from its prior mean, and is viewed as a bearish signal. Prices for BTC and ETH were near the upper range of their Bollinger bands less than two weeks ago.
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