The value of bitcoin was trading precariously on Wednesday, a few hours before the Fed released the FOMC meeting minutes, near a support level of about $26.6k, which was reached late last week. Crypto traders have already expressed their tremendous satisfaction with the unequal crypto markets supported by all technical and fundamental factors. Additionally, a detailed report of the most recent FOMC meeting provides comprehensive insights into the financial and economic factors that affected their vote on where to set interest rates expected to be released by the US Federal Reserve.
THE FOMC AND THE BTC MARKET
A more hawkish than expected FOMC meeting minutes are certainly positive for the US dollar but bad for Bitcoin, according to crypto traders on the US market. The US Dollar Foreign Exchange Index (DYY) was marginally higher during the early New York trading session. According to market data provided by TradingView, the DXY increased by roughly 0.08% to trade at around 103.594. On the other hand, Bitcoin’s value had decreased by around 3% to trade at about $26.4k.
Cryptocurrency Value Change about US Economic Information
Despite the hemorrhage in the short time frames, the weekly 200 Shifting Common (MA) mostly supported the mother coin. Cryptocurrency traders understand that to ensure a favorable perspective on the upcoming surge, Bitcoin value must close Wednesday over $26k. Additionally, the recent weeks have been highly unpredictable due to Bitcoin’s prominence.