Home » Bitcoin Bitcoin ‘gives back gains’ after Fed comments ‘add downside risks’ to crypto markets Bitcoin Reading 2 min Views 2 Analysts foresee prolonged weakness in BTC and altcoins following hawkish comments from the Federal Reserve. Bitcoin (BTC) price continues to flash mixed signals, raising uncertainty among investors and negatively impacting asset prices across the market. Data from Cointelegraph Markets Pro and TradingView shows BTC price pinned below $36,000 and even though crypto and equities markets underwent a brief relief rally on Jan. 26, comments from the recent FOMC meeting appear to be settling in as investors internalize the fact that interest rate hikes are on the way. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what analysts and traders are saying about Bitcoin’s most recent price action and the macroeconomic factors impacting the wider crypto market. A year of “range bound” trading The long-term range-bound trading that BTC has been in since early 2021 was addressed by Mike McGlone, senior commodity strategist for Bloomberg Intelligence, who posted the following chart and asked, “What ends Bitcoin, Ethereum range trade? BTC/USD 1-week chart. Source: Twitter According to McGlone, the key to escaping the current range are the “bullish fundamentals” that back the underlying strength of Bitcoin. McGlone said, Bitcoin price weakness because of risk-off behavior while fundamentals strengthening: Intel creating mining chips, Russia looking to get involved in mining, Goldman Sachs bullish, Google partnership w/ Coinbase, El Salvador Bond. Hard to think asymmetry is to the downside. — Will Clemente (@WClementeIII) January 27, 2022 The overall cryptocurrency market cap now stands at $1.663 trillion and Bitcoin’s dominance rate is 41.5%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.