{"id":4214,"date":"2023-05-04T15:00:55","date_gmt":"2023-05-04T19:00:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-rises-after-fed-why-a-different-macro-force-may-become-key-for-crypto\/"},"modified":"2023-05-04T15:00:55","modified_gmt":"2023-05-04T19:00:55","slug":"bitcoin-rises-after-fed-why-a-different-macro-force-may-become-key-for-crypto","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4214","title":{"rendered":"Bitcoin Rises After Fed. Why a Different Macro Force May Become Key for Crypto."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were rising Thursday after the latest monetary policy decision from the Federal Reserve, but the largest digital asset continued to stall below a key level. Crypto traders will be closely watching inflation data due next week.<\/p>\n

The price of Bitcoin has risen 1.5% over the past 24 hours to around $29,100, up from a zone near $28,000 before the Fed announced its 10th consecutive interest-rate hike. The central bank lifted the federal funds rate by a quarter point but signaled that it could be at the end of its inflation-fighting campaign of tightening financial conditions.<\/p>\n

\n

\u201cIt felt like a mixed outcome for crypto investors. While the language on future rate hikes was softened, the Fed left the door open by saying that future decisions will be macro data dependent,\u201d said Michael Safai, managing partner at crypto trading firm Dexterity Capital.<\/p>\n

The dramatic rise in interest rates over the past year has been a key headwind for digital assets, accelerating Bitcoin\u2019s spiral down from its late-2021 all-time high near $69,000. But in 2023, the narrative that the Fed will become more accommodative\u2014possibly even lowering rates this year\u2014has fueled Bitcoin\u2019s spectacula, 70% rally this year, vastly outperforming the
\n Dow Jones Industrial Average
\n and
\n S&P 500.<\/span>\n <\/p>\n

With the brunt of Fed rate hikes done, expectations are coalescing around the idea that it may take a shockingly hot inflation print for the Fed to execute another rate hike, putting next week\u2019s consumer-price index (CPI) reading for April in the spotlight. The jobs report for April, due Friday, likely will be another near-term catalyst, given the closely watched nonfarm payrolls figure consistently moves stocks and cryptos alike as traders parse labor market data to read into Fed policy.<\/p>\n

\u201cTraders have paid more attention to Fed meetings than CPI data releases in recent months. That could flip-flop, if traders believe that inflation readings will foreshadow the Fed\u2019s next move,\u201d said Safai.<\/p>\n

Next Wednesday sees the release of CPI, with Thursday bringing another important metric, the producer-price index (PPI).<\/p>\n

While macroeconomic factors will remain influential for moves across cryptos, other market observers continue to focus on the regulatory backdrop for digital assets in the U.S. Lawmakers and regulators have taken an increasingly tough stance on crypto, targeting influential trading platforms like Binance and
\n Coinbase Global
\n (ticker: COIN) this year and shaking confidence in the future of digital assets in a critical market.<\/p>\n

\u201cBitcoin still remains anchored, unlikely to rally above the $30,000 level until the U.S. gets some regulatory clarity,\u201d said Edward Moya, an analyst at broker Oanda.<\/p>\n

Bitcoin reclaimed the psychologically important $30,000 level last month for the first time since last June, when the selloff across digital assets accelerated into a brutal crypto bear market. While prices have moved as high as around $31,000, Bitcoin has struggled to consolidate gains above $30,000 and has not consistently traded above that mark since April 19.<\/p>\n

From a technical perspective, Bitcoin\u2019s rebound above $29,000 should provide some tailwinds in the near term, with more gains putting $30,000 in reach.<\/p>\n

\u201cThe bulls in Bitcoin have pushed the price to $29,000, consolidating above the 50-day moving average,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThis is an essential signal of a medium-term uptrend. Short-term attention is focused on the $29,400 area, where Bitcoin fell earlier this month, and resistance runs through the local highs of mid to late April.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014jumped 2% to $1,900. Smaller cryptos or altcoins were similarly strong, with
\n Cardano
\n and
\n Polygon
\n each up 2%. Memecoins were more muted, with
\n Dogecoin
\n and
\n Shiba Inu
\n rising around 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were rising Thursday after the latest monetary policy decision from the Federal Reserve, but the largest digital asset continued to stall below a key level. Crypto traders will be closely watching inflation data due next week. The price of Bitcoin has risen 1.5% over the past 24 hours to around $29,100, […]<\/p>\n","protected":false},"author":1,"featured_media":2307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-4214","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Rises After Fed. 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