Bitcoin and US indices decline amid Fed rate hike fears 📉

On the broader daily timeframe, the S&P 500 futures contract remains relatively stable, although the long upper wick on today’s candle points to significant selling pressure. However, with around four hours still left until the market close, it is too early to determine whether sellers will remain dominant into the final part of the session.

On the hourly timeframe, however, sellers are clearly in control. The contract is testing the 200-period moving average on the H1 chart (red line) and needs to hold the area around 7,700 points to avoid a deeper pullback.

Source: xStation5

In Bitcoin’s case, the move has been more pronounced. Warsh’s hawkish message provided a convenient trigger for profit-taking, pushing BTC toward $77,000 from around $80,000 tested yesterday. A stronger U.S. dollar could also limit ETF-related buying activity in the coming days.