Bitcoin price sold-off from $470 (Bitstamp) and 3030 CNY earlier today. A Fed rates announcement is widely expected to catalyze global market trends later on Wednesday, yet the bitcoin market just took profit, for good measure, before the Fed even spoke.
Bitcoin Price Analysis
Time of analysis: 09h00 UTC
BTCC 1-Week and 1-Hour Charts
From the analysis pages of xbt.social, earlier today:
A Federal Open Market Committee (FOMC) statement at 19h00 UTC today will make a rates announcement, and the market generally expects the Fed to refrain from hiking today and to do so in July instead.
Today’s analysis outlook had remained unchanged since yesterday. Price action was animated below resistance and a continuing rally seemed more and more likely. The last time (October 2015) that the current combination of conditions coincided, bitcoin price had