The FOMC meeting minutes could serve as a strong catalyst for dollar price action against bitcoin today, as the speeches from Fed officials earlier this week showed that traders are watching rate hike odds very closely. According to FOMC official Dudley, a September hike could still be a possibility since the economy is nearing its inflation targets and stronger growth could be seen in this latter half of the year.
Instead of boosting the dollar against bitcoin price, this resulted to sharp gains for the cryptocurrency as equities fell. Investors appear to be searching for higher yields in other assets but might be forced to put their money back in the U.S. dollar if the FOMC minutes confirm that at least one rate hike is still possible before the end of this year.
On the virtual currency front, reports that California plans to delay its bitcoin legislation has also given the cryptocurrency a boost, allowing startups and companies to thrive in a less restrictive environment for the time being.
http://www.newsbtc.com/2016/08/17/bitcoin-price-technical-analysis-08172016-testing-area-interest/
Topic: [2016-08-17] Bitcoin Price Technical Analysis– Testing Area of Interest (Read 289 times)
August 16, 2016, 11:47:25 PM
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