Bitcoin Holds Range as Altcoins Deepen Losses After Fed Cut
The crypto market tumbled back to the lower side of its range after the Federal Reserve’s decision to slash interest rates by 25 baiss points.
The announcement, while bullish for macro assets in the long term, was arguably priced in by traders ahead of the event, with long exposure rapidly unwinding in the subsequent hours.
Now, bitcoin remains above the $88,200 level of support, trading at $90,350 as it looks for a catalyst to lift it above this week’s stern level of resistance at $94,500.
The altcoin market continues to show weakness as several tokens lost further ground on their respective bitcoin trading pairs.
Derivatives positioning
- BTC’s volatility expectations continue to drop with the Fed decision out of the way. As of writing, the…
