BTC price gains return after the Fed monetary policy meeting

  • March 22, 2024
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After the Federal Reserve in the US kept the interest rates unchanged, a phase of BTC price gains returned to the crypto market with renewed strength.

The Fed monetary policy meeting in the US did not yield any interest rate hikes. The central banking authority continued its earlier stance and maintained the same rates. It resulted in a gradual recovery in the crypto market, with BTC price gains witnessing a comeback. The crypto market had dipped before the meeting, but Bitcoin reclaimed $65,000 as its support soon after.

In his speech, Chairman of the Federal Reserve Jerome Powell described the strong recovery of the US economy. He said, “Recent indicators suggest that economic activity has been expanding at a solid pace. GDP growth in the fourth quarter of last year came in at 3.2 percent. For 2023 as a whole, GDP expanded 3.1 percent,” which could likely result in rate cuts in 2024, benefiting the crypto market.

Bitcoin avoided any impact from the outflows from the spot ETFs during the last 24 hours. On the other hand, BTC would still have to consolidate on a higher range to sustain the rally. Historically, its trading volumes have been relatively lower during weekends. Thus, a rise to $70,000 for BTC next week could be possible. Altcoins in the market were stable as well, with ETH, XRP, BNB, and DOGE holding their support.

BTC/USD 1D price chart

Bitcoin is currently trading at around $66,200 on March 22, 2024, with BTC/USD trading lower by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.29 trillion in the last 24 hours.

BTC/USD is trading higher than its 20-day EMA (65,686.33), as BTC’s 24-hour volume was at around $39 billion. The global crypto market cap decreased by around 1%, trading above $2.51trillion. BTC’s year-to-date returns are at 57.71%.

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