fxs_header_sponsor_anchor

Bitcoin price maintains uptrend in response to the Federal Reserve’s rate hike

  • Bitcoin price stayed above $40,000 as the US Federal Reserve announced its first rate hike in three years. 
  • Jerome Powell announced a hike of 25 basis points, fueling a bullish narrative in tech stocks and cryptocurrencies. 
  • Analysts are bullish on continuing the Bitcoin price uptrend and believe that Bitcoin price is prepared to test support and bounce higher. 

Bitcoin price sustained above $40,000 post the United States Federal Reserve’s rate hike announcement. Analysts believe the Bitcoin price uptrend could continue as volatility in the crypto market increases. 

Bitcoin price sustains uptrend, stays above $40,000

Bitcoin price stays above $40,000 after the US Federal Reserve’s long-awaited announcement of the interest rate hike. Most altcoins in the top 30 witnessed a surge in price. Proponents noted that after low volatility for weeks, Bitcoin price witnessed a breakout, skyrocketing $3,000 within a single day. 

Jerome Powell, Chair of the Federal Reserve, unveiled plans to increase interest rates by 25 basis points, for the first time in three years. Following the announcement, Bitcoin price witnessed a $1,000 drop. A spike in Bitcoin price volatility pushed the asset above $40,000 level. 

Analysts have evaluated the Bitcoin price trend and shared a bullish outlook on the asset. @ShardiB2, a crypto analyst and trader, noted that Bitcoin price is testing support and ready to bounce. The analyst believes Bitcoin price support is at 40,746. 

@Bleeding_Crypto, a pseudonymous crypto analyst, argued that Bitcoin price consolidation above the 300-day Exponential Moving Average is a bullish sign for the asset. The analyst has set a target of $43,000 to $51,000 for Bitcoin price in the current price cycle. 

FXStreet analysts believe that Bitcoin price could slide to $30,000 to form a market bottom. Analysts believe that the asset would sustain its uptrend as long as Bitcoin price is above the most powerful support in the Ichimoku system. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.