Bitcoin, Ethereum, Dogecoin Fail To Sustain Uptrend After Fed's Hawkish Guidance: Analyst Forecasts 'Start Of The Most Euphoric Time In Crypto'
Portfolio Pulse from Aniket Verma
Leading cryptocurrencies like Bitcoin, Ethereum, and Dogecoin saw a brief surge following favorable inflation data and the Federal Reserve's rate pause. However, the uptrend was short-lived due to hawkish comments from Fed Chair Jerome Powell. Despite the initial spike, Bitcoin's Open Interest dropped, indicating short covering by sellers. The cryptocurrency fear and greed index showed 'Greed,' suggesting FOMO is still prevalent.
June 13, 2024 | 1:51 am
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NEGATIVE IMPACT
Bitcoin surged to nearly $70,000 following favorable inflation data but failed to sustain the uptrend after hawkish comments from Fed Chair Jerome Powell. Bitcoin's Open Interest dropped, indicating short covering by sellers, which is typically bearish.
Bitcoin's initial surge was driven by favorable inflation data and the Fed's rate pause. However, hawkish comments from Fed Chair Powell led to a drop in Open Interest, indicating short covering by sellers, which is a bearish signal.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin saw a 5.65% increase following favorable inflation data and the Fed's rate pause but failed to sustain the uptrend after hawkish comments from Fed Chair Jerome Powell.
Dogecoin's price increase was driven by favorable inflation data and the Fed's rate pause. However, hawkish comments from Fed Chair Powell led to a failure to sustain the uptrend.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Ethereum saw a 1.59% increase following favorable inflation data and the Fed's rate pause but failed to maintain the uptrend after hawkish comments from Fed Chair Jerome Powell. Ethereum also experienced significant liquidations.
Ethereum's price increase was driven by favorable inflation data and the Fed's rate pause. However, hawkish comments from Fed Chair Powell led to significant liquidations, which is a bearish signal.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 80