Weekly price analysis: prices decline on risk-off sentiments
The crypto market trended lower last week, driven largely by risk-off sentiments on newly released Fed meeting notes and economic data The Fed expressed caution around inflation, especially as President-elect Donald Trump’s policies will kick in after his inauguration on January 20 Meanwhile, spot crypto exchange-traded funds (ETFs) logged outflows from Wednesday, January 8 Bitcoin Bitcoin’s price logged a negative week falling from a high of $102,733 to a low of $91,188 before eventually closing at $94,547. Technical Analysis shows a break above the last lower high and a push back down into the H4 demand zone, which means that although the price took a bearish turn, it is still in overall bullish territory. BTC/USD Chart by TradingView Much of this bearish sentiment is driven by bleak economic expectations. The US Federal Reserve meeting minutes, released on January 8, showed that the reserve bank is cautious about inflation it expects will f...