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Saturday Jun 03, 2023

Bitcoin cannot withstand the pressure exerted: the Fed and geopolitics set the trend

Bitcoin this week was able to both please market participants and upset. The largest benchmark of the crypto industry has once again managed to approach an important support level, which is located at $ 45,000, against the background of increased activity of crypto enthusiasts and investment inflows due to the geopolitical crisis. However, the long consolidation did not allow the “bull” to break through and seize the initiative in its own hands.

In the middle of the trading week

Russia’s military operation in Ukraine certainly shook the risky asset markets. This factor did not allow buyers to act more boldly. It is also worth noting that the US Federal Reserve has finally made a reversal of the monetary cycle. The rate will be torn off from zero on March 16, while the regulator is going to take a less aggressive step, I am inclined to rise by 25 basis points. In any case, this is a negative for risky asset markets.

This week, we should expect a continuation of the downward trend and a deeper dive of the benchmark up to $39,000 – 38,000