Bitcoin Rally Fades

The FOMC event did little for crypto. The Fed raised interest rates by 75bps, the biggest hike since 1994, to combat the highest inflation we have seen in 40 years. The hike was largely priced in and stocks rallied a bit as a consequence, taking the crypto market with them. Bitcoin tested 22.4K, and swiftly rejected it, after red triangles on the KRI confirmed resistance there. We are seeing support from 20K, which we anticipate to hold as a floor price, but if not, 19K is the next target.