Crypto markets aren’t reacting the same way they once did to macroeconomic events. Consider the two most recent U.S. central bank interest rate hikes in May and March. They resulted in relatively mild price moves of 1.13% and -2.87%. The reaction to recent inflation and GDP data was similarly tame, with BTC moving just -0.74% and 1.16% respectively. All told, crypto markets have likely priced in Wednesday’s anticipated move. More interesting for traders is BTC’s price declining below the lower range of its Bollinger Bands, indicating that its price could move higher – albeit just slightly. Bollinger Bands are a technical indicator that tracks an asset’s 20-day moving average, and plots price levels two standard deviations above and below the average. As an asset’s price is expected to stay within two standard deviations of its average, 95% of the time, a breach of the external bands is statistically significant. Traders may be eyeing an upside target of $30,000 level, above the current support of $29,000.
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