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Monday, October 3, 2022

Bitcoin Anticipating Increase In Hike Of Rate By The Feds

The decision of the Fed will come this Wednesday on the interest rate for which everyone in BTC is excited and is only talking about it. The volatility in Bitcoin increased on 13th March as the week was about to end when the entire market was getting ready to brace macroeconomic and geopolitical cues. 

Bitcoin Waiting For A Long Time For The Action Of The Fed

As per the data in TradingView and Cointelegraph Markets Pro, the pair of Bitcoin/USD went close to test $38,000 this week. However, after some time, the previous status was maintained both outside and within the crypto. The entire focus was on the end of the week, as the decision on the rates will come from the Federal Reserve of the U.S. 

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There can a possibility that the increase in the interest rate would provide volatility for a certain period and can also result in a revision in the risk assets which would depend on the size. Meanwhile, everyone is concerned about the invasion of Russia into Ukraine, and in spite of this tense situation, the consensus would come sooner or later.  

The price of BTC continues to range between 50 WMA to 100 WMA and this news was posted on Twitter. Crypto Ed, the famous analyst, and trader stated that the week was slow and there was no resistance or support, while, Matthew Hyland, another analyst stated that he was watching paints to dry and compared it with Bitcoin’s action. 

The stock market of Russia was closed for this week and there will be no trading of equities till 18th March. There were demands of retracing BTC/USD, however, there was an opportunity to buy the entire dip. The growth curve and 200WMA of Bitcoin range between $20,000 to $30,000 and it can form proper macro support in an appropriate time.

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