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Bitcoin prices reacted weakly to a 25 basis point Fed rate hike and Powell's speech. The main reason was Jerome Powell's hawkish forecast.
Last night, the cryptocurrency market showed the first signs of a downtrend in its reaction to the event. Technology stocks, on the other hand, remain in relatively good shape. As the market digests the FOMC news, it could mean that the best cryptocurrencies are back on a bullish path. Meanwhile, analysts are predicting further gains in BTC prices in the current environment. Support is likely to be at $25,000, while BTC could meet resistance at $30,000.
Bitcoin price update
The cryptocurrency market has recovered nicely from the global banking crisis that has unfolded in recent weeks. During this period, it pushed the major cryptocurrency above $28,000 to a new nine-month high. The BTC/USD pair rose even further yesterday, almost touching $29,000.
BTC immediately responded with price volatility. The asset fell to $26,600 from a high of several months. Over the next few hours, however, it continued to move in the opposite direction. Naturally, this led to numerous liquidations, totaling $260 million in 24 hours.
Does stagnation continue in the altcoin market?
Because of Bitcoin's dominance, only BTC showed the best progress in the cryptocurrency market. After the Fed announcement, the situation for alternative coins got even worse. Most assets in the cryptocurrency market remain at a daily loss in size.
TRX tops the list of losers after the SEC forced Justin Sun. litecoin and Aptos are among the few digital assets in the green. LTC is up 8.5% and APT is up 5.5%.
Rao Cash Analytical Expertise: Event Context
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