Cryptocurrency markets are consolidating following the Fed meeting, during which a twenty-five basis point increase was implemented to reduce inflation rates. The decision to raise interest rates from 4.5% to 4.75% was made by the FOMC, which was announced in a press conference by Fed Chair Jerome Powell. Nonetheless, the US market’s reaction was average, but it slightly boosted Bitcoin’s value.
Following the FOMC meeting, the value of Bitcoin increased as markets reacted positively to the decision to raise interest rates by twenty-five basis points. While another test for resistance at $25,000 was anticipated, the bears increased their ability to keep the value beneath $24,500. Furthermore, the DXY Index, which previously demonstrated some strength, is now highly sluggish, indicating the possibility of a bullish reversal for the star cryptocurrency shortly.
Following the FOMC meeting, the value of Bitcoin increased as markets reacted positively to the decision to raise interest rates by 25 basis points. While another test for resistance at $25,000 was anticipated, the bears increased their ability to keep the value beneath $24,500. Furthermore, the DXY Index, which previously demonstrated some strength, is now highly sluggish, indicating the possibility of a bullish reversal for the star cryptocurrency shortly.
If the Bitcoin price recovers after gaining enough bullish momentum, a significant rise in the direction of the highs above $25,000 is possible. A rejection on the critical help stage may also drag the price to around $23,500. As a result, the next few hours could be essential for the Bitcoin (BTC) value.
