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BTC stabilizes below major barrier, risk-off mood continues
Bitcoin's 200-day EMA around $85,500 represents resistance; a closing above suggests recovery.
US spot Bitcoin ETF has had two consecutive days of inflows this week.
Bitcoin has fallen, with higher correlations showing risk-off sentiment, according to K33.
Bitcoin (BTC) trades at $83,300 on Wednesday after experiencing resistance around its 200-day Exponential Moving Average (EMA) around $85,500 since last week. A break above this level suggests a rebound. For the second day this week, US spot Bitcoin ETFs have seen inflows, indicating a decrease in sell-side pressure. According to a K33 research, Bitcoin has fallen and correlations have grown, signaling market risk-off attitude.
The FOMC meeting might cause Bitcoin volatility.
Bitcoin has fallen, with higher correlations signaling risk-off sentiment, according to a K33 research on Tuesday. Due to uncertainty, traders are cutting exposure, and the FOMC meeting is unlikely to change this as markets concentrate on fiscal policy and Scott Bessent's 10-year yield strategy.
The report says the market is united on no interest rate adjustments for Wednesday's FOMC despite lowering inflation and a small US unemployment rate hike. Market-implied probabilities predict a 22% possibility of a 25 basis point (bps) drop in May, increasing to 56.3% by June.
As the market digests the dot plot and FOMC press conference direction from Federal Reserve Chair Jerome Powell, these chances suggest significant volatility. FOMC usually causes volatility, but US budgetary measures have moved markets recently.
The paper adds that tariffs and their back-and-forth have caused considerable downward volatility, raising concerns of an economic downturn. As countries react to changing trade measures, April 2 reciprocal tariffs may increase volatility. Despite US Treasury Secretary Scott Bessent's efforts to cut the 6.7% US deficit to GDP, economic concerns have lowered the 10-year Treasury yield.
#BNBChainMeme #USTariffs #BTC $BTC