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Odds makers indicated that the likelihood of a pullback in the pace of hiking spiked following comments from San Francisco Federal Reserve President Mary Daly. The Fed representative said the U.S. central bank should avoid pushing the economy into an “unforced downturn,” and that it was time to consider easing the pace of hikes.
As for why BTC price has remained so resilient to price dumps below $19,000, Caleb Franzen, senior market analyst at Cubic Analytics, posted the following tweet highlighting that this is the first time in Bitcoin’s history that its monthly price has closed below the 48-month moving average cloud.