Looking at traditional markets, equities turned green Thursday afternoon, with the S&P 500 up 0.8%.
“I think a lot of observers are expecting sideways action in the market for a prolonged period of time,” Jake Boyle, chief commercial officer at crypto brokerage Caleb and Brown, told CoinDesk. Looking to curb stickier than hoped inflation, the Fed, he said, “[is] bound and determined to keep financial conditions tight for a good while.”
For the price of BTC, “the rhythm of higher highs and higher lows is still in place and will remain in place until the recent low at $22,800 is taken out downward,” StockCharts.com’s Kempenaer said. “Such a break will be the first sign of weakness.” Kempenaer sees more serious support around $21,400.
“What a potential positive catalyst could remain to be seen, but when BTC can take out the overhead supply around $25,000 the outlook will certainly improve,” he added.
Source: Digital Coin News (digitalcoinnews.net)
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