Interest rate hikes pile the pressure on bitcoin

to extend losses this week as investors shy away from risk assets amid a reassessment of the pace and magnitude at which the US Federal Reserve is set to tighten policy.

Price charts are signalling further declines, technical analysts say. Bitcoin has dropped below its Ichimoku cloud support on a weekly chart, with secondary support only coming in around $27 200, said Katie Stockton, founder and managing partner at Fairlead Strategies.Some of the factors that fuelled cryptocurrencies’ stellar gains in the past couple of years are going into reverse

For all its recent losses, bitcoin remains in the middle of a trading range that has held since the start of the year, between about $35 000 to $45 000. The digital currency moves strongly in line with the tech-heavy Nasdaq 100, and is negatively correlated with the dollar.

Source: Digital Coin News (digitalcoinnews.net)

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