Bitcoin Trades Sideways, Gold Muted Ahead Of Fed

2022.11.01 06:22

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Bitcoin

continues to move in a sideways direction, and traders are hesitating to place any large bets ahead of the , which is bound to bring mammoth moves for the dollar index. One important thing that requires attention is that the correlation between the US equity markets and Bitcoin has weakened a lot, and the reason for that is that the US indices reported some strong gains for the last month.

Still, we didn’t hear a similar headline for Bitcoin. The best thing we heard about Bitcoin is that it has only consolidated, reducing some threats for a further downside move. Going forward, for the next two days, what matters the most is the Fed meeting and their monetary policy stance that is highly likely to influence the price of digital gold.

Gold

The shining metal has scored some gains, but overall price action remains muted as it is the strength or the weakness of the , which is mainly in focus. Trades have largely priced in another interest rate hike of 75 basis points. Now, if we hear from the Fed that they want to cut the pace of interest rate hikes beyond this meeting, we may see prices increase. 

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