The economist assessed the prospects of bitcoin after the Fed protocol
On February 19, the cryptocurrency market entered a consolidation phase after the publication of the strict protocol of the US Federal Reserve System (FRS). Alexander Schneiderman, head of Alfa-Forex's customer support and sales department, told Izvestia about the current situation and possible dynamics of bitcoin on the same day.
"Since the morning of February 19, the crypto market has been in a state of forced pause after the Fed's tough protocol, which cooled expectations of a rate cut and caused a split among FOMC members. Yesterday's unsuccessful attempt to break through the resistance in the $68,700 zone led to a correction, and now the price is trading at $66,875," the expert noted.
According to him, investors should remain cautious. The intermediate support is located at $65,125, and holding it is critically important to maintain the sideways trend that has formed after the rebound from the $60,000 mark. The loss of this zone may pave the way for a deeper correction below the psychological level of $ 60 thousand.
Schneiderman stressed that the key event for the market will be the macroeconomic publications on Friday — data on Core PCE inflation and the PMI business activity index. According to him, they will determine the direction of movement until next week.
Before the statistics are released, the expert assumes trading in the range of $65,125 – $67,900. According to him, major market participants are not ready to actively test the resistance without new macroeconomic signals. A confident breakdown of the $68,700 level may be a signal for a resumption of growth, but the probability of such a scenario remains low before the data is published.
Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia on February 17 that after a rebound from $60,000, bitcoin is going through a difficult period of calm before the storm. It remains in a narrow range of sharp fluctuations until the end of this week, but a gradual recovery is expected by early spring.
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