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Bitcoin price skyrockets

Bitcoin Climbs Above $28,500, Fed Decision Will Fuel The Rally?

Reynaldo Marquez by Reynaldo Marquez
2 months ago
in Bitcoin
Reading Time: 2 mins read

The Bitcoin price continues to record new yearly highs as the cryptocurrency goes on a bullish rampage. There is no resistance level capable of containing BTC bulls, while macroeconomic uncertainty and a banking crisis fuel the fire.

Related Reading: Will QE Drive Bitcoin And Crypto To New All-Time Highs? Fidelity Exec Is Cautious

As of this writing, Bitcoin trades above the critical level of $28,500 and is pushing upwards. Today’s U.S. Federal Reserve (Fed) Open Market Committee (FOMC) is bound to bring volatility. The ongoing crisis in the country has investors sitting on the edge, and this event could provide clarity for BTC and other assets.

Bitcoin BTC BTCUSDT Chart 1
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Investors’ Sentiment Shifted, But Caution Prevails

According to crypto market analyst firm Blofin, the price of Bitcoin is rising while traders await the FOMC decision around interest rates. As NewsBTC reported yesterday, any cute in interest rate hike could hurt the current BTC rally.

If the Fed cuts, the institution sends a message that could be interpreted as fear. If it rises rates, the market could translate this into confidence. Either result seems negative for the financial institution as the former might increase the crisis, while the latter could spike inflation.

In that sense, the Fed should operate under a “Business as usual” and raise rates by 25 basis points (bps). If so, the market might calm, and BTC could reclaim higher levels. In the meantime, the number one crypto by market cap is bound to dominate over other digital assets. Blofin wrote:

BTC is now trading at above $28.5k amid the uncertainty of the FOMC’s interest rates decision. Due to the improvement of sentiment in the risk assets, the performance of BTC is significantly better than ETH for the time being,  which is reflected in the ETH/BTC trading pair.

Bitcoin BTC BTCUSDT Chart 2
ETH/BTC trading is declining as uncertainty drives investors toward Bitcoin. Source: Blofin

Blofin notes a decrease in Implied Volatility for at-the-money (ATM) contracts in the crypto options sector. In other words, investors expect BTC’s rally to slow down sometime in the coming days.

In this sector, crypto investors show a neutral bullish bias, but Blofin noted, “risk aversion is also rising.” Today’s FOMC decision could have a long-lasting impact on these investors’ perceptions.

Related Reading: XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come?

However, there is a high chance that the Fed will stay the course or come out dovish to mitigate fear in the market. As long as this attitude does not translate into a rate cut, BTC will likely trend upward for the short term.

4/6. From the perspective of skewness, considering that the Federal Reserve is likely to show a dovish attitude at the March FOMC meeting, most investors still maintain a neutral to bullish attitude. pic.twitter.com/SH7s5vIW9h

— Blofin Academy (@Blofin_Academy) March 22, 2023 

BTC/USDT chart from Trandingview

Tags: bitcoinbtcBTCUSDT
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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