Today's Bitcoin Forex Signal:
It was trading at 21,200, where it has been in the past few days. This price is about 17% above the lowest level in October.Bitcoin has been in a consolidation phase in the past few days as the market digests the most recent interest rate decision. The Fed decided to continue hiking interest rates in a bid to fight the soaring consumer and producerIn his press conference, Jerome Powell said that the bank will likely continue hiking interest rates albeit at a slower pace.
Meanwhile, the BTC/USD price reacted to the latest Coinbase earnings. The company, which is the second-biggest crypto exchange in the world, said that its revenue dropped to $590 million in the third quarter, lower than the median estimate of $654 million. This decline was a 50% drop from the same quarter in 2021.
Coinbase also said that its user base has been falling recently. It had 8.5 million monthly active users compared to the previous 9.2 million. Still, the figure was better than the median estimate of 7.84 million. The next key catalyst for Bitcoin will come on Thursday, when the US will publish the latest consumer inflation data. A highr number will signal that the Fed will continue hiking in the near term.The BTC/USD pair made a strong recovery in October. In the past two weeks, it has remained above the 20,000 level in the past two weeks straight. The pair remains above the important resistance level at 21,093, which was the highest level on 29th October.
It has remained above the 50-day moving average and slightly below the first resistance of the standard pivot point at 21,420.
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