Bitcoin is still stuck in the $38,000 area with sideways movement during the past week. The first crypto by market cap has displayed resilience as traditional finances take a bearish turn. Related Reading | Bitcoin Holders Trigger Largest Capitulation In Its History, Bearish Horizon For BTC? At the time of writing, Bitcoin (BTC) trades at $38,400 with 1.1% losses in the last 24-hours. Tomorrow, the U.S. Federal Reserve (FED) branch Federal Open Market Committee (FOMC) will hold a meeting. Market participants expect the financial institution to announce a more aggressive shift in their monetary policy. Two months ago, the FED hinted at an increase in interest rates by 25 basis points (bps). Tomorrow the increase could be set higher at 50 basis points (bps). This will be the first 50 bps hike in over two decades, according to trading firm QCP Capital. The firm believes that Bitcoin and the crypto market have been suffering because of several factors. These include a dropped in equities, with the NASDAQ Index and the S&P 500 recording 13% and 9% losses in 30 days. Bitcoin has been moving in tandem with big tech stocks. Therefore, the crash was expected, but not the subsequent strength. The latter has been underestimated by market participants. The general sentiment in the crypto market seems bearish despite Bitcoin’s capacity to hold critical support at its current levels. In addition to the macro-outlook, QCP Capital be...
