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Bitcoin attempts recovery after rate hike scare. Should you buy it?

Bitcoin attempts recovery after rate hike scare. Should you buy it?

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  • Bitcoin recovered 1.58% on Thursday after the interest rate hike

  • Bitcoin will remain vulnerable as long as the macro issues do not abate

  • $19,250 is the level to watch for Bitcoin as it recovers

Bitcoin BTC/USD is one of the highly watched cryptocurrencies during interest rate decisions. This is because cryptocurrency has shown correlations with stocks. Thus, when interest rate decisions are made, stocks and Bitcoin become focal points.

On Wednesday, the Federal Reserve announced a 75 basis point interest rate hike. The market had expected a rise of the same size. Bitcoin fell below $19,000 immediately after the interest rate decision, but recovered quickly. At press time, the cryptocurrency is trading at $19,166 after gaining over 1.50% in 24 hours. The quick recovery indicates that the market had priced in a 75 basis point increase. Does this mean Bitcoin will continue to rise?

In the future, the U.S. central bank will continue to raise the interest rate to around 4.4 percent by the end of the year. Fed Chairman Jerome Powell did not rule out the possibility of a recession. The gloomy macro outlook makes risky assets, including Bitcoin, unattractive.

Bitcoin is recovering but facing resistance at $19,250

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Source – TradingView

On the MACD indicator, Bitcoin’s momentum weakened after the Fed’s rate hike. The MACD line entered deeper into the bearish zone as the price lost the important $19,250 support. At current levels, BTC is trading at or slightly below support and has hit its lowest level since June. The level is also below the 50 average of the last day.

From a technical perspective, BTC needs to successfully reclaim the $19,250 level to consider a possible upside. Cryptocurrency is not a recommended purchase at this time, especially in the short term.

Summary

Bitcoin may fall further if it fails to reach the $19,250 level. Macro factors and the technical outlook sound bearish despite the recent recovery. A recovery above $19,250 invalidates the bearish view.

Post Bitcoin tries to recover after interest rate hike scare. Should you buy it? appeared first on CoinJournal.

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