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During a speech, the Chairman of the Federal Reserve, Jerome Powell, emphasized that the U.S. central bank could pause its planned interest rate cuts for the year as they analyze the impact that these trade policies will have on the country’s economy.
Bitcoin (BTC) has been resilient to the latest downtrend and has only shed 16.6% of its value since the year started, which is not so distant from the 14.2% that the S&P 500 has lost during the same period.
However, other crypto assets like Ethereum (ETH) and Solana (SOL) have performed poorly, booking year-to-date losses of 55.4% and 43.8% respectively as market participants have pulled the crypto version of a flight to quality.
ETF outflows are consistent with sentiment readings as the Fear and Greed Index has dropped to 15 – the lowest level on record since CoinMarketCap started to share this metric. This indicates that market participants are in “Extreme Fear” as Trump’s policies could have a huge impact on the economy and the performance of financial assets.
Bitcoin Recovers Above Key Support
Moving to the charts, Bitcoin (BTC) has found strong support for now at the $76,250 area as it has bounced multiple times off this level.
During the Asian session, the price briefly broke below this area but recaptured it ahead of the American session’s opening.
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