empty
InstaForex - Official partner of Dragon Racing
InstaForex - Official partner of Dragon Racing
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
15.06.2023 10:30 AM
Mixed Fed Meeting Outcome Pushes Bitcoin to New Local Bottom
Open trading account Open demo account

The week of key macroeconomic events continues, and its influence on the global economy is becoming increasingly evident. Following the publication of the inflation report, which had a powerful positive impact, the markets received a cold shower after the Federal Reserve meeting and the officials' statements.

This image is no longer relevant

Despite the regulator's actions aligning with expectations, most key assets, especially high-risk ones, experienced an unexpected decline. Bitcoin became one of the main victims of Federal Reserve Chairman Jerome Powell's statement and experienced a significant drop below $25k.

Results of the Federal Reserve meeting

Some market players had doubts about the Fed's actions regarding the key interest rate. However, over 75% of investors were confident that the agency would take a pause in rate hikes. The drop in inflation to 4% increased the percentage of those who believed in the Fed's hawkish policy pause to 95%.

This image is no longer relevant

The markets were in a pleasant ecstasy after inflation fell below forecasted levels. The Fed indeed paused rate hikes in June, but Powell's subsequent statements shocked the markets. The official noted that the regulator still does not see clear evidence of a rapid decline in inflation to the 2% target level.

This image is no longer relevant

Considering this, the Fed Chairman hinted that as the inflation situation develops, the final benchmark interest rate may be higher than the current 5.25%. Powell also stated that the members of the agency do not see any prerequisites for monetary policy easing in 2023. The Fed believes that maintaining the current rate level until the end of 2023 will help achieve the 2% inflation target.

Bitcoin sets a new local low

Amid Powell's mixed statements, Bitcoin began to decline and, at the end of the previous trading day, fell below the $25k level for the first time in three months. On June 14, buyers managed to push the cryptocurrency's price back above $25k, but the second wave of decline did not allow the price to hold above that level.

This image is no longer relevant

Bitcoin's technical metrics indicate further decline towards the target level of $24.6k. The RSI index has broken the 30 mark, and the stochastic oscillator is undergoing a bearish crossover. The MACD has also resumed its downward movement, indicating the formation of a sustainable downward trend.

This image is no longer relevant

If the $24.6k level is breached, the structure of the upward trend that allowed BTC to reach $31k will be completely disrupted. All medium-term bearish targets will be achieved, and the price of BTC will continue to decline towards $23.5k–$24k. However, it is important to understand that for this bearish scenario to unfold, bears need to close the trading session below $24.6k.

As of 08:00 UTC, we do not see any activation of buyers or indications of a potential rebound. On the 4-hour chart, Bitcoin maintains a downward dynamic and does not show signals of a likely rebound. Everything suggests that BTC will at least retest the $24.6k level.

Conclusion

Bitcoin has set a new local low, which is the main takeaway after the publication of inflation data and the Federal Reserve meeting. These were key events that negatively impacted BTC price movement and may significantly strengthen sellers' positions.

This image is no longer relevant

The release of the labor market report is also expected, but its results are not expected to affect the asset's price. Therefore, if the cryptocurrency finishes the trading day below $25k, the local upward trend can be considered completed.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
All Analytics
Wave analysis
EUR/USD Analysis on May 9, 2025 The wave structure on the 4-hour EUR/USD chart has transformed into a bullish pattern. I believe there's little doubt that this shift was driven solely by the new U.S. trade
Chin Zhao
19:19 2025-05-09 +02:00
1975
Wave analysis
GBP/USD Analysis on May 9, 2025 The wave pattern for the GBP/USD instrument has also shifted into a bullish, impulsive structure—"thanks" to Donald Trump. The wave picture is almost identical to that of EUR/USD. Until February
Chin Zhao
19:16 2025-05-09 +02:00
1690
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin spikes from $96 600 to $104 500 in 24 hours

Bitcoin has surged to $104,500, after trading at $96,600 just yesterday morning. This confident move above the $100,000 mark clearly signals a return of strong bullish momentum in the cryptocurrency
Jakub Novak 14:49 2025-05-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 9

Bitcoin has climbed above $100,000, while Ethereum is trying to consolidate above $2,000. After yesterday's sharp rally, which continued during today's Asian session, Bitcoin is now trading at $103,000, having
Miroslaw Bawulski 09:46 2025-05-09 UTC+2

Technical Analysis of Intraday Price Movement Ethereum Cryptocurrency, Friday May 09, 2025.

If we look at the 4-hour chart of the Ethereum cryptocurrency, it appears that the price movement is moving above the WMA (30 Shift 2) which also has a slope
Arief Makmur 06:27 2025-05-09 UTC+2

Technical Analysis of Intraday Price Movement Bitcoin Cryptocurrency, Friday May 09, 2025.

On the 4-hour chart of the Bitcoin cryptocurrency, the Stochastic Oscillator indicator can be seen to be in Overbought conditions and is now preparing to Cross SELL and break below
Arief Makmur 06:27 2025-05-09 UTC+2

Bitcoin: Who's Driving the Price Up — Powell, the U.S. Treasury, or Short Squeezes?

While stock indices remain stagnant, gold consolidates near its highs, and Bitcoin is once again capturing attention. The crypto market's flagship has approached the psychologically important $100,000 level
Ekaterina Kiseleva 00:28 2025-05-09 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 8

Bitcoin reached just below $100,000, while Ethereum hit $1,900. Such a major growth in the cryptocurrency market once again confirms its bullish outlook, which has been discussed quite
Miroslaw Bawulski 09:22 2025-05-08 UTC+2

Bitcoin on the Brink: Breakout or Reversal?

Bitcoin's price is hovering near a psychologically significant threshold, with market participants bracing for another upward surge or a sudden reversal that could erase short-term bullish expectations. More chart
Ekaterina Kiseleva 01:16 2025-05-08 UTC+2

Crypto market opens with buoyant growth

US stock index futures surged sharply at the opening of today's trading session on news that representatives from the US and China have resumed consultations on trade matters. Media reports
Jurij Tolin 14:14 2025-05-07 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 7

Bitcoin and Ethereum Show Further Growth Amid Positive Crypto Legislation News Bitcoin is currently trading at $96,700, having rebounded from a low of $93,400, while Ethereum has recovered
Miroslaw Bawulski 10:32 2025-05-07 UTC+2

Bitcoin Gathers Strength: The Market Prepares for the Next Wave

Bitcoin is trading in the $93,000–$94,000 range, about 0.5% below its recent local high of $97,900, recorded on May 2. Volatility has decreased, and the market seems
Ekaterina Kiseleva 01:23 2025-05-07 UTC+2

Top analytics

Relevance up to 02:00 2025-05-14 UTC--4
Markets Will Open Their Eyes and Close Their Ears
11:10 2025-05-09
Fundamental analysis
Relevance up to 00:00 2025-05-23 UTC--4
Trading Signals for EUR/USD for May 8-12, 2025: buy above 1.1190 (200 EMA - 6/8 Murray)
06:41 2025-05-09
Technical analysis
Relevance up to 09:00 2025-05-23 UTC--4
Trading Signals for GOLD for May 9-12, 2025: sell below $3,361 (21 SMA - 7/8 Murray)
15:01 2025-05-09
Technical analysis
Relevance up to 08:00 UTC--4
The Dollar Shot Itself in the Foot
00:28 2025-05-09
Fundamental analysis
Relevance up to 03:00 2025-05-13 UTC--4
The Market Will Save Itself
10:13 2025-05-08
Fundamental analysis
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.