Wall Street opened with a bang today. The pre-open market showed that Dow Futures were up by more than 1000 points. People anticipated a spectacular opening of the US benchmark indices.
Dow Jones Industrial Average Index (DJX) opened more than 844 points higher over its previous close. As speculations regarding fresh stimulus emerge, several investors rushed to investing in BTCUSD.
US government to increase Bond market participation, BTCUSD investors take prompt action
Bitcoin recently dropped to $8,900. However, the recovery was pretty swift because investors got wind of the Federal Reserve’s intent to provide further relief packages.
The US Government announced that it would increase participation in the Bond market.
Rumors soon started surfacing that the US President, Donald Trump, might come up with another $1 trillion relief package for fighting the COVID-19 pandemic. And as is evident, financial markets are swift to react to news or rumors!
After a brief period of fall yesterday, the Dow Jones recovered decently. And today, the market sentiment was already beaming positivity as the Dow Futures gained 1,000 points.
Impact of Federal Reserve policies on BTCUSD
The uncontrolled printing of fiat will only reduce the value of the currency.
And people realize that the Dollar in their pocket or the bank is degrading rapidly. Investing in an appreciating asset such as Bitcoin is the best alternative.
Published on: TradingView.com
The four-hour timeframe of BTCUSD shows the path to $8,900 and then a quick jump towards $9,500. It is now hanging around the $9.5k range.
MACD had a Bullish crossover, and BTCUSD is heading towards the upper band of the Bollinger Bands.
It will be interesting to see the policies implemented by the Federal Reserve henceforth. Central banks around the world are adopting a certain level of caution in terms of interest rates.
