Edward Moya<\/strong>, a senior market analyst with OANDA, said, \u201cFed tightening is working and starting to impact more parts of the economy.\u201d<\/p>\n\u201cBitcoin is slightly higher as risky assets rally following a global collection of weakening manufacturing data that support the idea central banks won\u2019t have to remain as aggressive with the tightening of monetary policy,\u201d said Moya, in a note seen by Benzinga.<\/p>\n
\u201cBitcoin has outperformed equities over the past couple of weeks, so today\u2019s strong stock market moves should not come as a surprise. Despite some signs of downward pressure on inflation, Bitcoin is still poised to remain stuck in a consolidation pattern.\u00a0\u00a0<\/p>\n
Moya said, \u201cCalls for a Fed pivot are premature and that should put a cap on how high risky assets rebound here.\u201d<\/p>\n
Micha\u00ebl van de Poppe <\/strong>sees crucial resistance between $19,600 and $19,750 for Bitcoin. Should the apex coin break the resistance it could touch $20,100 and $20,700 next.\u00a0<\/p>\n\u201c\u200b\u200bFor longs, $19,300 is the perfect area to look for, but scaling in a bit higher wouldn’t be stupid,\u201d said the cryptocurrency trader.<\/p>\n