“The bulls and bears are on a neutral overall near-term technical playing field. “Trading remains choppy and sideways in a range,” Wyckoff said. The daily downtrend in spot BTC price resulted in May Bitcoin futures prices trading slightly lower in the early hours on Wednesday, according to Kitco senior technical analyst Jim Wyckoff, who noted that, otherwise, there’s “Not much new.”

At the close of markets, the S&P, Dow and Nasdaq were all in the red, down 0.70%, 0.80%, and 0.46%, respectively.ĭata provided by TradingView shows that Bitcoin ( BTC) price drifted lower throughout the trading day, hitting a low of $28,235 before spiking to a daily high of $28,915 shortly after Powell began speaking, only to once again pullback to support at $28,500.īTC/USD 4-hour chart.

Markets proceeded to sell off in the afternoon after the ‘hawkish pause’ comments from the Fed chair left many concerned about the need for future rate hikes. Stocks were stuck in a holding pattern throughout the morning session as investors awaited the Powell press conference. (Kitco News) - Financial asset prices trended down on Wednesday afternoon after Federal Reserve Chair Jerome Powell announced the latest 25 basis point hike in interest rates and signaled that another rate hike in June is a possibility if inflation metrics don’t improve by then. Receive a comprehensive recap of the day's top stories directly to your inbox.

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