Bitcoin (BTC) ran out of steam near $20,522.96 after the biggest United States key rate hike in nearly thirty years
The US Fed rate hike does not offer much relief as a downtrend in stocks resumes, dragging Bitcoin with it.
Bitcoin (BTC) ran out of steam near $20,522.96 at the time of writing after the biggest US key rate hike in nearly thirty years.
Popular trader Crypto Tony eyed the U.S dollar on the back of the Fed's decision, with an about-turn in USD strength key to possible Bitcoin bottom.
The U.S dollar index after increasing to twenty-year highs again after the announcement and began retracing through June 16.
"Coming up to a big resistance zone on the dollar, which if we can reject from here and dump. The Bitcoin bottom may be in soon" he said on Twitter.
"However, I am looking for another tap up before the drop, which coincides with another leg down on $BTC so keep an eye on this."
Veteran trader Peter brands, is known for his Bitcoin Botton calles also said that retesting $20,000 would spark not a genuine recovery but a "relief rally"
"The bear market is nowhere close to over for crypto was hoping for a nice rally here but the market may need some more time.
The US. equities opened down after rebounding on the Fed news, and concerns around another world economy were just as fresh in the minds of many traders.
The European Union was dealing with a blowout in Italian bounds while in Japan, currency weakness in the yen was becoming increasingly unnerving.
The macro turmoil, which would ultimately cement Bitcoin's status, was already playing out but the pain would precede any form of relief for the largest cryptocurrency and its investors.