MARKET WRAP: Bitcoin continues to trade in a tight range as markets await the U.S. Federal Reserve’s decision Wednesday on the next interest rate increase. GWilliamsJr_CMT and _jocelynyang_ report
Ten-year Treasury yield daily close: 3.57%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atBitcoin is trading in a tight range and appears positioned to continue that way. As mentioned in Monday’s, bitcoin is suffering from a lack of strong catalysts.
If Powell expresses optimism about the state of U.S. inflation, bitcoin’s price will likely move higher. Absent that, all signs point to a situation where the price takes a step back for every step forward.Technically, BTC is trading below its “point of control” in relation to thetool . VPVR illustrates trading volume by price level.
It can also represent opportunity if the current price falls far enough below the POC. BTC’s current price is 7% below its POC, which may not present a compelling enough opportunity to lure significant buying pressure.
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