CandleFocus Bitcoin Takes a Breather After Doji Candle in a Cautious Pre-Fed De-Risking
2024-12-18
Author: Content Editor
Bitcoin (BTC) is facing selling pressure and a decline in price as traders de-risk ahead of an expected hawkish Fed rate cut. BTC dropped 2% to around $103,750 after reaching a record high of over $108,000. This decline has led to larger losses for alternative cryptocurrencies, but some majors like XRP, SOL, and ETH are also experiencing losses. The Fed is expected to announce a 25 basis points rate cut to the 4.25% to 4.5% range, but the dot plot is anticipated to show fewer rate cuts for the next year. These hawkish expectations are causing de-risking in the crypto market. However, fewer rate cuts do not imply tightening, as easing is still on the table, suggesting that the path of least resistance for risk assets remains on the upside.
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