BTC bull score index enters bearish zone as Fed path clouds outlook

Bitcoin’s Bull Score Index, a gauge of bullish and bearish momentum, has fallen below 40 and entered bearish territory, AMB Crypto reported. The outlet said the indicator slipped to a bearish level as the U.S. Federal Reserve decided on its first benchmark rate hike since 2023. It added that while market participants had largely expected the increase, the possibility of additional rate hikes this year and whether quantitative tightening, or QT, resumes have emerged as new variables. If inflation and oil prices remain elevated, tighter liquidity could add selling pressure on BTC and altcoins, according to the report. AMB Crypto said that could leave BTC vulnerable to further selling pressure in the coming weeks and suggests the crypto market may not have formed a bottom yet.