Bitcoin and ether tumbled late Wednesday afternoon amid ongoing concerns about central bank monetary policy in the months ahead and other macroeconomic uncertainties. ADA recently sinks more than 5%. Other altcoins also fall. JPRubin23 writes
Still, indicator was pointing bullishly. A price pattern called"throwback"on bitcoin's daily chart that could recharge bulls' engines for a rally toward $37,000, according to Valkyrie Investments. In technical analysis, a throwback is a price drop to a former breakout level or resistance-turned-support. After a breakout, prices rally for some days before losing upward momentum and returning to the breakout point.
Meanwhile, equity indexes fell amid longer-term concerns that the current rate increase cessation will be temporary as the Fed focuses on cutting inflation to a longstanding 2.5% target. The tech-heavy Nasdaq Composite and S&P 500 inched up ever-so-slightly but the Dow Jones Industrial Average sank 0.7%.
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