No Dove From the Fed

The stock market rose and the dollar strengthened after the U.S. Federal Reserve signaled the imminent tapering of bond-buying and Beijing stepped in to calm Evergrande fears. The price of BTC started a decent increase after stabilizing above $42k and is currently eyeing the $44k-45k resistance zone. Volatility is expected to remain elevated before the September options expiry this Friday. Long-term holders of Bitcoin seem to be undaunted by the heavy sell-off over the last few days. However, short-term holders suffered the most losses as they adopt a risk-off stance in anticipation of broader market turmoils.