Bitcoin Tops $27K a Week After Death Cross Formation With Fed Likely to Extend Rate Pause

CoinDesk
CoinDesk

18 Sep 2023 11:51 AM

The cryptocurrency is up nearly 8% since the ominous-sounding technical analysis pattern appeared on the daily price chart....

  • Bitcoin surged to $27,170, its highest level since August 31, as U.S. rates traders predicted the Federal Reserve would keep borrowing costs unchanged.
  • The cryptocurrency's price increased by almost 8% after the appearance of the death cross pattern on September 11, potentially trapping sellers.
  • Fed funds futures indicate a 99% probability of no change in rates this week, with a 69% and 58% probability of no action in November and December.

The sentiment of the article is generally positive as Bitcoin's price has surged and traders predict the Federal Reserve will maintain borrowing costs unchanged.

Go to publisher site

You May Ask

What caused the surge in Bitcoin's price?What is the death cross pattern in cryptocurrency trading?What are the probabilities of the Federal Reserve keeping rates unchanged?How much has Bitcoin's price increased since the appearance of the death cross pattern?What are the key factors influencing Bitcoin's recent performance?

Suggested Reads