Crypto Market Cautiously Reacts Ahead of Key Economic Events
The crypto market is experiencing a cautious reaction as investors await key inflation figures and the Federal Reserve's decision. This has led to profit-taking, evident for the second consecutive day.
BTC is trading just below $78K after recording three consecutive red daily candles, with some analysts attributing resistance at the 50-week moving average, which halted a previous rally. The base case scenario suggests that the price will fluctuate near this level before resuming its upward trend.
ARK Invest's CEO, Cathie Wood, views BTC as a store of value and hedge against inflation, intending to hold it for decades. This aligns with Bitcoin's record-high correlation with gold, driven by concerns over fiat currency devaluation and rising global government debt.