BTC bears keep the latest Bitcoin rally in check after fresh 'disinflation' comments from the Fed.
The pair reacted positively to the latest comments from the United States Federal Reserve, these also serving to send equities higher during the Feb. 7 Wall Street trading session.
Fed Chair Jerome Powell again mentioned “disinflation” during his appearance, reinforcing market hopes that interest rate hikes could cool more quickly in line with inflation. These stemmed from the latest meeting of the Federal Open Market Committee on Feb. 1, where the Fed raised rates by 0.25%. “The message that we were sending at the FOMC meeting last Wednesday was really that the disinflationary process — the process of getting inflation down — has begun, and it’s begun in the goods sector, which is about a quarter of our economy,” hePowell nonetheless cautioned that there was “a long way to go” and that the U.S. was in “the very early stages of disinflation.”
Despite this, risk assets rallied into the Wall Street close, with the S&P 500 and Nasdaq Composite Index finishing up 1.3% and 1.9%, respectively. Bitcoin also erased previous weakness, having dropped below $22,700 earlier in the week, but bulls proved unable to tackle ask liquidity at $23,400 and beyond.by on-chain monitoring resource Material Indicators.“Markets rallied into the close yesterday, with Bitcoin's last H4 candle showing weakness at resistance & printing a shooting star,” popular trader Mark Cullen“I personally am still waiting for the lows to get swept. BUT if the BTC can close a H$ above 23.
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