Bitcoin Price Stabilizes Above $27K Despite Inflation Concerns and Interest Rate Hike

Crypto and stock markets have both taken a hit recently, with Strahinja Savic, head of data & analytics at FRNT Financial, noting that the two markets have fallen together instead of diverging as they have in the past. In a Telegram message to CoinDesk, Savic explained that while crypto may be dipping with risk assets today, it may not be the case tomorrow. However, he did note that a technical range has been set between $25K to $26K, and a breakout would occur decisively above $31K. Despite this, Savic believes that most other activities are likely just noise.

It’s important to note that the recent dip in the crypto market has not been isolated, as stocks have also taken a hit. This is in contrast to the past couple of months, where the two markets have diverged. It remains to be seen whether this trend will continue, but for now, it’s clear that the technical range for crypto has been set.

As always, it’s important to stay informed and keep an eye on credible sources for updates on the market. While the current dip may be concerning, it’s important to remember that crypto is a volatile market and fluctuations are to be expected.

This news was first seen here: Bitcoin BTC Price Settles Above $27K After Early Wednesday Dip Amid Rate Hike, Inflation Worries on 2023-05-31 22:02:14

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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