Bitcoin price remains in a new trading range while gold faces a sell-off due to the Fed's hawkish policies, dropping to a six-week low. Market focus shifts to U.S. inflation with future rate direction still uncertain.
Key Points:
- Bitcoin price remains within a new trading range between the 2021 highs and 2025 lows.
- Gold leads a sell-off in macro assets as the Federal Reserve continues its hawkish rate policy.
- Fed Chair Powell states that the next rate cut will depend on inflation's "progress."
Bitcoin faces pressure following the hawkish Fed meeting.
Data from TradingView shows Bitcoin dipped to $69,500 on the day, with BTC/USD nearing the historical high region of 2021.
On Wednesday, market focus shifted from the Middle East and oil to U.S. inflation as the Fed opted to keep rates at previous levels.
“Rate predictions depend on economic performance, so if we don’t see progress, there won’t be a rate cut,” he stated at the press conference.
Now, a rate cut is only expected in 2026, with risk assets under pressure from the Fed, and U.S. stocks falling about 1.5% on the day.
Traders: Bitcoin price needs to close around $75,000.
However, on Thursday, gold led the decline, falling below $4,700 per ounce for the first time, down 2.3%, marking the first drop since February 6.
Van de Poppe stated that he would be a “big buyer” if Bitcoin retraces to the low $60,000 range.
