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Bitcoin Price Retests $27K Following Fed Rate Decision

Tony "The Bull" by Tony "The Bull"
2 months ago
in Breaking News Ticker, BTC
Reading Time: 2 mins read

Bitcoin price is at the time of this writing slightly above $27K per BTC, after losing $28K almost immediately following the Federal Reserves rate hike decision.

The rate increase was less than originally anticipated, but cryptocurrencies and the stock market have tumbled following the decision.

Federal Reserve Proceeds With 25 Bps Rate Hike, Volatility Ensues

The United States Federal Reserve moved forward today with a 25 bps rate increase even amidst a growing crisis in the banking sector – a situation that thus far Bitcoin has responded well to.

Prior to the situation unfolding, the consensus was that the Fed would increase rates to 50 bps instead. Despite coming in less than the worst-case scenario, the market could have been pricing in no increase at all, causing BTC to correct.

Related Reading: Bitcoin Priced In Bank Shares Is The Crypto Chart You Can’t Miss

As a result, the stock market and cryptocurrencies, including the recently resilient Bitcoin, took a hard dive. In the 1H BTCUSD candlestick beginning at 2PM ET, the top cryptocurrency by market cap plunged by more than $1,300 and 4.8%.

The one-hour candle closed as a marubozu, which is a powerful bearish pattern that could suggest the downside could continue through tomorrow.

bitcoin $27K Fed rate decision

Volatility typically follows any Fed rate decision | BTCUSD on TradingView.com

Bitcoin Retests $27K: Will Another Higher High Confirm An Uptrend?

The selloff took BTCUSD right to short-term support at $27K, which must hold or Bitcoin will retest lower prices. If lost, areas that could provide support include $24K, $22K, and $20K below it.

The recent low set below $20K is the most important line in the sand for bulls. Holding at these levels would create another higher high and higher low, further suggesting an uptrend is brewing across crypto.

Related Reading: This Bullish Bitcoin Technical Signal Suggests The Bottom Is In

The Fed softening its aggressive rate increases could be a sign that things are worse-off in the banking industry and elsewhere, which ultimately could be a boon for Bitcoin.

Since the situation in the banking sector first erupted, BTCUSD climbed more than 47% and caused the world to pay attention. The outcome of this retest and continued upside would also send an important message that the bear market has ended.

Will support at $27K ultimately hold?

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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