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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Retests $27K Following Fed Rate Decision

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read

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Bitcoin price is at the time of this writing slightly above $27K per BTC, after losing $28K almost immediately following the Federal Reserves rate hike decision.

The rate increase was less than originally anticipated, but cryptocurrencies and the stock market have tumbled following the decision.

Federal Reserve Proceeds With 25 Bps Rate Hike, Volatility Ensues

The United States Federal Reserve moved forward today with a 25 bps rate increase even amidst a growing crisis in the banking sector – a situation that thus far Bitcoin has responded well to.

Prior to the situation unfolding, the consensus was that the Fed would increase rates to 50 bps instead. Despite coming in less than the worst-case scenario, the market could have been pricing in no increase at all, causing BTC to correct.

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As a result, the stock market and cryptocurrencies, including the recently resilient Bitcoin, took a hard dive. In the 1H BTCUSD candlestick beginning at 2PM ET, the top cryptocurrency by market cap plunged by more than $1,300 and 4.8%.

The one-hour candle closed as a marubozu, which is a powerful bearish pattern that could suggest the downside could continue through tomorrow.

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Volatility typically follows any Fed rate decision | BTCUSD on TradingView.com

Bitcoin Retests $27K: Will Another Higher High Confirm An Uptrend?

The selloff took BTCUSD right to short-term support at $27K, which must hold or Bitcoin will retest lower prices. If lost, areas that could provide support include $24K, $22K, and $20K below it.

The recent low set below $20K is the most important line in the sand for bulls. Holding at these levels would create another higher high and higher low, further suggesting an uptrend is brewing across crypto.

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This Bullish Bitcoin Technical Signal Suggests The Bottom Is In

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The Fed softening its aggressive rate increases could be a sign that things are worse-off in the banking industry and elsewhere, which ultimately could be a boon for Bitcoin.

Since the situation in the banking sector first erupted, BTCUSD climbed more than 47% and caused the world to pay attention. The outcome of this retest and continued upside would also send an important message that the bear market has ended.

Will support at $27K ultimately hold?

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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