Analysts Weigh In as Fed Decision Sows Uncertainty in Bitcoin's Future
Four analysts from top firms have weighed in on the implications of this week's Fed decision for Bitcoin, and their views are as varied as they are intriguing. The central bank held interest rates steady, but with three dissenting voices favoring an immediate hike. This hawkish tone has pushed September rate hike probability to 72% on futures markets.
Against this backdrop of uncertainty, Bitcoin's August prospects look bleaker than usual. Historically, the month has been a bad one for BTC, with a -7.87% median return across 15 years of data making it the worst seasonal month in the cryptocurrency's history.
However, not all is lost. A weekly RSI divergence at 39.30 against a signal line of 32.88 has historically signaled prior cycle recoveries, suggesting that Bitcoin may be due for a reversal.