Bitcoin price has shown no reaction to yesterday’s Fed rates announcement. Price holds above critical support.
Bitcoin Price Analysis
Time of analysis: 12h00 UTC Thursday
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
No visible reaction to the expected Fed rates delay is yet visible in the chart. Gold and the USD forex pairs responded to the news immediately but, as discussed two days ago, the bitcoin market sometimes reacts early, and sometimes late, to emergent new market scenarios.
What the Fed are, essentially, saying by delaying a rate increase is that they have concerns about the strength of the domestic US economy – no change from their previous stance. This can be interpreted as mildly bullish for bitcoin price since it implies ongoing global economic slowdown, continuing US dollar weakness and focus on cash conservation by investors. Hence, bitcoin remains attractive as a store of wealth.