tl;dr
Bitcoin's price responded to Federal Reserve chair Jerome Powell's update to the Senate Banking Committee, briefly testing the $58,000 range before retracting to $57,000. Powell's cautious approach to inflation and emphasis on the need for more data led to the price bump. Investors are awaiting Thur...
Bitcoin's price responded to Federal Reserve chair Jerome Powell's update to the Senate Banking Committee, briefly testing the $58,000 range before retracting to $57,000. Powell's cautious approach to inflation and emphasis on the need for more data led to the price bump. Investors are awaiting Thursday's US Consumer Price Index (CPI) data, with expectations of a 3.1% decrease from the previous month. Despite technical indicators suggesting a potential recovery, Bitcoin investors remain cautious. Notably, the support floor at $54,000 is seen as significant.
Bitcoin may have to wait until Thursday for a significant reaction to the US macro news, which is one of the four fundamentals investors are watching for recovery. On Tuesday, BTC tested the $58,000 range, only briefly, reacting to Powell’s testimony, before retracting back to the $57,000 range. The bump in Bitcoin price came as Powell said the Fed is not ready to cut interest rates just yet. Citing the need for “more good data to strengthen confidence, he expressed a cautious approach to combating inflation. Powell also underscored the importance of seeing inflation move toward the 2% target sustainably.
The cautious stance on Tuesday follows the first-quarter data, which also pointed to little confidence in the path of inflation. With this signaling the Fed is in no rush to cut rates, crypto markets jolted briefly, hinting at a lack of confidence in the economy. This scenario often drives investors to reevaluate their investment strategies in favor of assets uncorrelated to central bank decisions. For now, however, technical indicators show Bitcoin is attempting a recovery, but bulls lack conviction.
Popular trader and analyst Rekt Capital shares his optimism, stating that Bitcoin is showcasing some initial signs of stability after the crash. Keith Alan, co-founder of trading resource Material Indicators, echoes the significance of the $54,000 range as a support floor.
More about Rush Street Interactive Inc
Rush Street Interactive Inc
Rush Street Interactive, Inc. is an online casino and sports betting company in the United States and Latin America. The company is headquartered in Chicago, Illinois.
Industry: TRADE & SERVICES
Sector: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION
Market Cap: 2011703000
Dividend Yield: None
EPS: None
P/E Ratio: -0.17
ROE: 10.48%
Beta: -0.0158
Volume: 746228000
Current Price: 10.03
50-Day Moving Average: 0
200-Day Moving Average: 0.888