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Thursday, March 23, 2023

Bitcoin and FED Rate Raise Effects

Bitcoin and FED Rate Raise Effects

Bitcoin / U.S. dollar BITSTAMP:BTCUSD

So, after the latest 25 point raise by the FED, Bitcoin PA reacted with a minimal Dip that could actually be attributed to the simple fact that P awas overbought on many timeframes and needed to cool off

As this history clearly shows, Bitcoin does not react to Rate raises but more to the collapse of other companies. But PA has now very nearly recovered all losses. Just the neckline of the LUNA collpse to get next and then we are back to where we should be.

Bitcoin has also shown itself to be a worthy "Digital gold" while we have seen the problems in TradFi banking and we are likely to continue to see that as adoption accelerates.
What we REALY need to watch is how DXY racts in the coming months.
DXY rose sharply for 12 months in 2008, as its banking industry suffered hge losses, like a vampire feeding off the corpses ;-)

Via TradingView Ideas

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