Tone Vays Updates Bitcoin Amid Fed’s 0.5% Interest Rate Hike

Experienced Bitcoin (BTC) trader, Tone Vays, shared his latest BTC forecast, amid the the Fed’s 50 basis point interest rate hike.

In a recent video update, the Bitcoin trader shared with the 120K subscribers to his YouTube channel that Bitcoin’s near-instant 3% jump from $38,766 to $39,935 yesterday was seemingly a dead cat bounce.

Vays starts off by looking at four-day BTC candles where it stayed down from a weekly peak of $40,183 on April 28th. The analyst compares technical analysis (TA) and fundamentals, saying:

“I’m not putting that much stock into this orange arrow, I don’t think it’s all that critical, definitely not like this one was (January 2022), so we wait and see.

Right now this is looking like a nice dead cat bounce and most likely will turn the price of Bitcoin down.

All TA is pointing to lower prices. Fundamentally, I’m always bullish on Bitcoin and it can break out at any minute, but TA is telling me that this (the latest green candle) is just a dead cat bounce and we should have one more critical up.”

Looking at daily candles next, the traders identifies $41K as a key level of resistance, which he believes is unlikely for BTC to break through.

“TA on the daily, I don’t find this to be anything of significance. I think there’s major resistance at the $41,000 area. I remain bearish in this daily chart as well.

The CMF is not all that impressive. The funding rate… look how much time has accumulated down there… It’s pretty much break-even right now.

It’s neither bullish nor bearish at the moment.”

CMF is short for Chaikin Money Flow, a technical analysis tools used for measuring the volume-weighted average of accumulation and distribution over a certain period of time.

After hitting resistance at $39,946 yesterday, Bitcoin is currently trading at $36,525, down 8.14% on the daily chart.