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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Why Is Bitcoin And The Crypto Market Up Today?

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Bitcoin and crypto up today

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The Bitcoin and crypto markets are experiencing a slight upswing today, with BTC and other major altcoins making gains. The main catalyst behind this uptrend appears to be yesterday’s Federal Open Market Committee (FOMC) meeting.

At the time of writing, Bitcoin’s price is up by 0.8% in the last 24 hours, currently trading at $29,486. Despite facing resistance around the critical resistance area of $29,750, BTC has shown resilience and is attempting to reclaim its upward trajectory. Moreover, other major cryptocurrencies are also in the green, with Ethereum (+1.0%), XRP (+1.4%), Cardano (+3%), and Solana (+7%) all enjoying gains.

Bitcoin Follows TradFi’s Reaction

The FOMC meeting has been a focal point for the crypto market’s movements. Federal Reserve Chairman Jerome Powell reiterated that the central bank remains data-dependent, indicating that further interest rate hikes are not ruled out. However, no decision on the matter has been reached yet.

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Powell emphasized that core inflation (both PCE, CPI) remains the primary focus. He also stated that FED will stop raising rates way before the inflation target of 2% is reached. However, the big bummer was his statement that he does not expect inflation to fall below 2% before 2025!

Bitcoin experienced a quick dip in response to this Powell statement, but quickly rebounded, seemingly following the trajectory of traditional financial markets. Notably, the Dow Jones rose for a 13th consecutive day after the FOMC meeting yesterday, signaling investors’ confidence in a bullish market sentiment.

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Experts and analysts in the cryptocurrency space have offered diverse opinions on the implications of the FOMC meeting and Powell’s remarks. Jim Bianco, an influential figure in the financial industry and founder of Bianco Research LLC, highlighted the lack of clarity in the Fed’s communication, stating:

It is provided the LEAST amount of information of any meeting since they started hiking in March 2022. Powell is going out of his way to say nothing and not commit to anything. So, this meeting has become a Rorschach test. Everyone sees into it what they want.

And this is seemingly what the traditional finance as well as crypto markets are doing. The big question is: how long will the Fed hold rates up, how long before it pivots. As this is data dependent, no one knows, but market expectations and the Fed’s projections still seem far apart.

While the CME’s FedWatch tool currently predicts a slight majority in favor of a first rate cut already in March 2024, Powell made it clear yesterday in a hawkish tone that the key rate must remain high for a long time because the effects need time to have an impact on the economy.

Market expectations and the Fed’s projections still seem far apart. #Bitcoin #SPX

After the #FOMC meeting, the market expects the first rate cut in March 2024 (54.6%).

Powell could keep the key rate higher for longer due to the strong economy. Who will cave in first? pic.twitter.com/4C9KPAuTmv

— Jake Simmons (@realJakeSimmons) July 27, 2023

Charles Edwards, founder of Capriole Investments noted the unprecedented tightness in current economic conditions due to the combination of money supply growth and negative interest rates. He suggested that historical trends indicate a strong possibility of a one-way bull market emerging under these conditions:

Powell has overtaken Volcker as the tightest Fed chair ever. Economic conditions have never been tighter than today, […]. In all prior instances, inflation was well under control, the stock market was higher 12 months later and a major one way bull market trend emerged.

Crypto analyst Michael van de Poppe, expressed concern about the Fed’s projection that a recession is not on the horizon. He speculated, “Most likely no more rate hikes. […] Have a terrible GDP today and sweep the lows on Bitcoin before we continue the party up. Buy the dip season.”

At press time, the Bitcoin price still slowly grinds towards the red resistance area below $29,800.

Bitcoin price
Bitcoin price slowly grinding up, 1-hour chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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