Crypto Market Tumbles After Major Russia-Ukraine War Escalation & U.S. Interest Hike

2022-9-22 21:45

The Federal Open Market Committee (FOMC) announced a 75 basis points (bps) rate hike on Sept. 21. The Bitcoin (BTC) price fell sharply as a result.

The FOMC began a two-day meeting on Sept. 20, in order to discuss how to tackle the issue of inflation. So far, the FOMC has raised federal fund rates by 25 basis points (bps) in March 2022, by 50 bps in May, and finally by 75 bps in June.

After the meeting came to an end, the FOMC raised the target rate by 75 bps, bringing it to a range of 3.00-3.25%. Additionally, it signaled future increases, and projections are showing a rise to 4.40% by the end of the year and 4.60% in 2023.

On top of this, the president of Russia, Vladimir Putin announced a partial military mobilization on Wednesday, in what is seen as an escalation of the ongoing invasion of Ukraine. Putin stated that “mobilization” would start on Wednesday and that he had increased funding for Russia’s weapons production. 

BTC creates bullish hammer

BTC had been increasing on Sept. 21, gradually moving upwards from a low of $19,000. The move accelerated going into the FOMC announcement, culminating with a high of $19,956. 

However, after 75 bps announcement, the price fell sharply, decreasing by 6.40% in a matter of minutes. This created a large bearish candlestick and led to a low of $18,666 before a slight bounce.

BTC/USDT Chart By TradingView

Despite the sharp fall, the daily chart shows that BTC is trading inside the $19,000 horizontal support area, which has been in place since June. The price bounced sharply on Sept. 19, creating a bullish hammer candlestick (green icon) in the process. This is a type of bullish candlestick which is shows buying pressure due to the creation of a long lower wick. The candle also validated the $19,000 area as support. 

The daily RSI is still bullish. It has been generating bullish divergence since the June lows and its bullish divergence trendline is still intact (green line). As long as it is and the price does not close below the $19,000 area, the bullish structure remains valid. 

However, it is worth noting that despite the lack of a daily close below this area, the daily candlestick is shaping up to be bearish, with a long upper wick (red icon), which is considered a sign of selling pressure.

BTC/USDT Chart By TradingView

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Crypto Market Tumbles After Major Russia-Ukraine War Escalation & U.S. Interest Hike appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market hike crypto escalation interest tumbles war

market hike → Результатов: 126


Lady Ape NFTs Listed On OpenSea After Selling 9,000 NFTs in Hours on STRMNFT Marketplace

Lady Ape Club (LAC), an NFT project with a group of female ape artwork, has listed part of its collection on OpenSea after successfully selling 9,000 NFTs within hours on the STRMNFT marketplace. While the crypto market is still below its recent hike levels, the LAC project was able to maintain users’ interest in the […] The post Lady Ape NFTs Listed On OpenSea After Selling 9,000 NFTs in Hours on STRMNFT Marketplace appeared first on NFT News Today.

2022-7-21 13:15


Фото:

No Imminent Crypto Market Upurge Expected Following Release Of June 2022 US CPI Data

At the last meeting in mid-June 2022, the Federal Open Market Committee (FOMC)  announced their biggest interest rate hike in four decades of 75 basis points. Following this interest rate announcement, the crypto markets collapsed in anticipation of future interest rate hikes to curb rising inflation amidst fears of a looming global recession. At the […]

2022-7-19 00:52


Фото:

Bitcoin will explode ‘north’ the moment the Fed glitches, says Novogratz

Bitcoin price will rally hard the moment the US Federal Reserve begins to dial down on its aggressive monetary approach, Mike Novogratz, the CEO of Galaxy Digital said on Tuesday. His comments come as the Fed begins its June meeting, with a 50 basis point rate hike on the table, but with market analysts pointing […] The post Bitcoin will explode ‘north’ the moment the Fed glitches, says Novogratz appeared first on Invezz.

2022-6-15 19:24