The FOMC press conference was held on Wednesday, as the Chairman told us that he doesn't know what to do. With this, risk appetite has been bashed, and therefore, Bitcoin will struggle. However, we are still bullish longer term.
The Bitcoin market has slipped during the week after initially taking off to the upside. The Bitcoin market really started to sell off after Jerome Powell gave his press conference and suggested that the Federal Reserve might have to stay tighter than originally thought, showing just how clueless they are. Anybody that can follow a rate of change chart can recognize that inflation was ticking back up. So, with that, Bitcoin sold off probably more or less going to be due to money managers trying to raise liquidity for other issues in their portfolios.
Nonetheless, the $90,000 level underneath seems to be rather supportive, and for what it's worth on Friday in the early hours, it looks like we are having a go at turning things around. If that is in fact the case, I suspect we might be carving out a new range. A range that extends from $90,000 on the bottom to $110,000 on the top really wouldn't be that out of bounds for Bitcoin at all.