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The Fed interest rate decision, which was announced yesterday evening, was the expected decision without surprising the market. The Fed left interest rates unchanged and chairman Jerome Powell made statements after the interest rate decision. Bitcoin rose up to 68 thousand dollars after the interest rate decision. What will be the direction in Bitcoin? Which scenario awaits us in Bitcoin?
Bitcoin Price Analysis:
While the cryptocurrency sector was in a correction period, the Fed’s interest rate decision was one of the directional factors. However, as expected, the Fed left interest rates unchanged in the 5-5.25 range. However, the reaction in Bitcoin was bullish. Bitcoin rose up to 68 thousand dollars last night after the decision was announced.
Bitcoin’s reaction to the Fed interest rate decision painted a positive outlook for the market. While BTC closed the night at 68 thousand dollars, it is currently trading at 67 thousand levels. While the support level in Bitcoin appears at 65 thousand dollars, the resistance level is 68700 dollars.
Fed chairman Jerome Powell announced in the evening that interest rates have reached their peak and that there will be no further interest rate hikes. However, he added that the Fed is far from its targets, but the data is encouraging.