Eyes on the Fed – It is certainly the most important day of the week for market operators who were waiting for the meeting of the FED (US Federal Reserve). We knew it, the banking crisis could fold the cards, and the FED decided to take this into account. Indeed, the FED decides to raise rates by 25 basis points. A news that should satisfy the bulls, and Bitcoin could benefit from it.
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The Fed decides to raise rates by 25 basis points, the market is racing
Operators expected an increase of 25 basis points, and the FED decided to take account of the banking crisis. As is often the case at FED meetings, the volatility is present :
After the announcement of the rate hike, the Bitcoin (BTC) price and other assets get carried away and prints a green candle before dropping. Some operators like to use theleverage in this kind of moment, because there is lots of volatility. However, movements are often erratics, and one can easily lose feathers in it.
The price of BTC has the possibility of returning to $30,500
For the moment, in 4H time unit, the course is done dismiss at the level of resistance at $28,500 :
The price of Bitcoin is located at the 4H support level at $27,500. If the support breaks, sellers could take the opportunity to push to the next rack at $26,300. On the other hand, once the volatility has subsided, the bulls could regain control. Whatever happens, it will be necessary to break the resistance at $28,500 to find the Bitcoin price at $30,500.
The FED does not surprise market players, and decides to raise rates by 25 basis points. Bitcoin price could climb above $30,000, but the bulls need to react at the support level at $27,500. Beware, if Bitcoin were to change momentum, altcoins could suffer. Indeed, altcoins were already lagging…
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