cryptocurrencies

Market Wrap: Bitcoin Struggles Below $40K as Traders Digest Fed Statement

Bitcoin is under pressure as Fed taper concerns linger, although some expect crypto to remain resilient.

Upside momentum has been weak, which means the corrective phase from May is not yet complete.

The crypto will be converted into U.S. dollars first, before being deposited into the National Republican Congressional Committee's account.

By Greg AhlstrandJun 17, 2021

The U.S. central bank also increased estimates of coming inflation to 3% from the 2.2% projection in March, largely due to transitory factors.

BTC faces slowing momentum as buyers struggle at resistance.

Some analysts are optimistic while others prefer to see stronger signs of upside momentum before calling a bottom.

However, the short-term trend is improving as the daily chart advances from oversold levels.

Bitcoin tests $40K following positive comments from Tesla's CEO Elon Musk and hedge fund manager Paul Tudor Jones.

Harvesting your crypto losses during a dip generates greater tax savings than hodling, says a crypto tax expert.

The amount of money leaving was significantly less than the previous, record week of $141 million.

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