Bitcoin: Making Sense Of Recent Bearish Streaks

As of Wednesday, May 3, 2023, Bitcoin ended its bearish streak with a 2.14% rise.

Bitcoin, which started the day with a green candle, was priced at $28,620 and was again moving above an important resistance level.

Before the Federal Reserve System (FED)'s meeting, which took place that day, the US stock markets made negative closings the previous day, as macroeconomic data remained below expectations and concerns in the banking sector increased.

Shares of PacWest and Western Alliance banks also fell sharply following the acquisition of First Republic Bank.

US Senators Warren and Sanders called on FED Chairman Powell to stop interest rate hikes.
Looking at the US futures indices before the FED decision, there were limited increases.

In the crypto markets, after the recent 1.63% increase in the total market value, small pullbacks were noticed the same Wednesday.

The pressure on altcoins also continued. RIF, IDEX and RAD, which diverged among altcoins within the last 24 hours prior to that day, stood out as the most rising altcoins of the day with double-digit gains.

With the continuing concerns in the global economy, the FED was being expected to increase the interest rate by 25 basis points to the range of 5.00-5.25%.

Also, Powell's speech, billed for the same day at 21:30, was an all-important one for the markets.

In addition, possible new signals from the FED regarding the monetary policy for the next period will be closely followed.

The ISM service sector index and ADP private employment data in the USA were disclosed.