Today Bitcoin traded to a lower low than yesterday reaching $35,250 before forming a slight recovery. Currently as of 4:20 PM EDT, Bitcoin is trading at $35,880 a decline of 1.8% on the day in the spot markets.

With the Biggest rate hike in twenty years happening today, with the Fed announcing a 0.5% rate hike, the broader markets were relieved that Powell did not initiate a .75% hike, and he pretty much alleviated the possibility of a .75% rate hike in the future. This was perceived as less hawkish and sent the equities markets into a rally.

Although we did see Bitcoin and other cryptocurrencies gain value today, the overall trend has been to the downside for the entire sector. Bitcoin is trading up by about 1.5% on the day but down 2.5% from a week ago and lower by nearly 17% compared to a month ago.

The 600-day simple moving average which had been acting as support for Bitcoin for around 100 days may be flipped into resistance today if we get a close below it on the daily charts.