While Bitcoin price is showing initial signs of bearish sentiment in reaction to the Fed’s 25 bps rate hike and Powell speech today, tech stocks are doing relatively well. This could potentially mean the top cryptocurrency climbing back to its bullish ways somewhere down the line as the markets digest the FOMC news. Meanwhile, analysts predict there is more upside to BTC price in the current setup. While the support could be at $25,000 level, BTC could have resistance at $30,000 level.
First interesting level to the downside for me is ~25k, otherwise a flip of 30k will grab my interest. Patience. pic.twitter.com/UPSyY4apGd
— tedtalksmacro (@tedtalksmacro) March 22, 2023
Also Read: U.S. Federal Reserve Sticks To 25 BPS Hike; Signals At More Interest Rate Increases
Following the interest rate announcement from the Federal Open Market Committee (FOMC), the crypto market initially showed mixed reaction. But it was Fed Chair Jerome Powell speech that led to a drop for the top cryptocurrency. Referring to the Silicon Valley Bank collapse, Powell said isolated banking problems if left unaddressed can threaten banking system. He added that the process of getting inflation down has a long way to go and that it will be bumpy.
BTC At $30K
The BTC price fell below $27,000, losing as much 5% in the day. However, Alex Kruger, another popular trader, believes Bitcoin could follow higher as there was not much of relief for banks in Powell speech. It remains to be seen how far could the cryptocurrency jump from the current range this week.
“Not much respite for banks from Powell. Dovish dots – lower dollar, lower rates, higher tech stocks, Think BTC follows higher.”
The market could be pricing in the Fed’s remarks that some additional policy firming might be needed to bring inflation down to the 2% target. Earlier, Balaji Srinivasan, a popular investor, made a sensational prediction that Bitcoin could reach $1 million in 90 days.
Also Read: Ripple President Confident Over Beating SEC In Court; XRP Price Set For Massive Rally?
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