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So, Bitcoin (BTC) has just waltzed past the $84,000 mark as Wall Street opened its doors on March 19, all while the markets are holding their breath for the US Federal Reserve’s interest-rate decision. Talk about a dramatic entrance! 💃
Bitcoin: The Risky Business of Tailwinds and FOMC Follies
According to the ever-reliable CryptoMoon Markets Pro and TradingView, we hit a local high of $84,358 on Bitstamp. But let’s be real, risk assets are sweating bullets ahead of the Federal Open Market Committee (FOMC) meeting. The Fed is expected to keep rates steady until at least June, which is like saying, “Don’t worry, everything’s fine!” while the house is on fire. 🔥
Traders are more concerned about what Fed Chair Jerome Powell might say next. He’s already got a hawkish reputation, and with US trade tariffs looming, it’s like watching a soap opera where the plot twists just keep coming. 📺
“Tonight’s FOMC meeting is likely to hold rates steady. But we’ll be watching for any dovish shifts, especially regarding growth and inflation expectations,” said trading firm QCP Capital in their latest Telegram gossip. 🕵️♀️
“Given that it will take months for the impact of tariffs to ripple through the economy, we expect the Fed to remain in ‘wait-and-see’ mode. The April 2 tariff decision is still a big question mark.”
While Bitcoin has been clinging to the $80,000 mark like a lifebuoy, US stocks are taking a nosedive. The S&P 500 and Nasdaq Composite Index are down 4% and 8.7% year-to-date, while BTC/USD is strutting around with a 10% gain. Talk about a plot twist! 🎢
“TC has found some support at the $80k, but it’s as stable as a house of cards in a windstorm,” QCP continued.
“We won’t try to predict when the music stops, but right now, we’re struggling to find any tailwinds to reverse this rout.”
But wait! The Kobeissi Letter has spotted a silver lining: US retail investors are increasing their equities allocation. It’s like finding a tenner in your old coat pocket! 💸
“Retail net inflows into Nasdaq 100 index stocks have reached 0.1%, the highest in at least a year. Retail flows have DOUBLED in just a few weeks,” they announced on X.
“Additionally, JPMorgan’s retail investor sentiment score hit a record 4 points. This is ~1 point higher than the peak of the meme stock mania in 2021. Tesla, $TSLA, and Nvidia, $NVDA, are the hot picks. Retail investors are all-in!”
FOMC Fiasco: Could BTC Plunge to $76,000? 😱
As we analyze BTC price action, popular trader Rekt Capital is hoping for a spike to $87,000 to fill the upside gap in CME’s Bitcoin futures market. Fingers crossed! 🤞
“Bitcoin continues to successfully retest the CME Gap as support (orange box, $78k-$80.7k),” Rekt explained, showing off an illustrative chart like a proud parent.
“More, BTC has been doing so at a Higher Low (black).”
Meanwhile, Keith Alan from Material Indicators suggests that a dovish Powell could send Bitcoin soaring above the 200-Day and 21-Day MAs, avoiding what seems like an imminent death cross. Sounds dramatic, doesn’t it? 🎭
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2025-03-19 17:34