On April 22nd, COINOTAG reported on Former President Trump’s recent harsh critique of Federal Reserve Chair Powell, branding him a “major loser.” Trump is advocating for an immediate interest rate cut and has even suggested impeachment, highlighting ongoing concerns regarding the Federal Reserve’s autonomy. This tension has contributed to a significant decline in the Dollar Index (DXY), which now stands at a near three-year low, dipping below 98.
In a climate of increasing risk aversion, the price of spot gold skyrocketed by over $100, reaching $3481.34 per ounce—a historic milestone. Subsequently, there has been a notable inflow of capital into mainstream cryptocurrencies. Analysts from Bitunix caution that persistent political pressure in the U.S. could erode the legal framework of the Federal Reserve, prompting global investors to aggressively pursue safe havens.
For Bitcoin, a critical resistance level has been established at $88,000. If it can surpass and maintain this threshold, further upward momentum may follow. On a broader scale, sustaining support at $70,000 is essential. Additionally, traders are advised to monitor CME interest rate expectations and market trends closely to gauge future developments.
Source: https://en.coinotag.com/breakingnews/bitcoins-key-resistance-at-88000-amid-trumps-criticism-of-the-federal-reserve-and-rising-gold-prices/