{"id":544528,"date":"2023-07-27T00:00:46","date_gmt":"2023-07-27T00:00:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=544528"},"modified":"2024-06-11T14:39:07","modified_gmt":"2024-06-11T14:39:07","slug":"fomc-delivers-expected-0-25-rate-hike-bitcoin-holds-steady-above-29000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/fomc-delivers-expected-0-25-rate-hike-bitcoin-holds-steady-above-29000\/","title":{"rendered":"FOMC Delivers Expected 0.25% Rate Hike, Bitcoin Holds Steady Above $29,000"},"content":{"rendered":"

The Federal Reserve\u2019s (Fed) decision to raise the Federal Funds Rate (FFR) by 25 basis points to 5.50%, the highest level since February 2021, had little impact on the cryptocurrency market and Bitcoin (BTC), with the event described as “<\/span>very vanilla<\/span><\/a>” by the Journalist Ted Talks Macro.\u00a0<\/span><\/p>\n

The FOMC indicated that achieving its 2% inflation target still has a long way to go and that it will take a data-dependent approach to future rate hikes.<\/span><\/p>\n

While some investors had been hoping for a more hawkish tone from the Fed, the central bank’s cautious approach was seen as a sign that it is still concerned about the potential impact of its monetary policy on the broader economy.\u00a0<\/span><\/p>\n

Related Reading: Singaporean Judge Declares Crypto Is Personal Property In ByBit Case<\/a><\/div>\n

According to Ted, the full effect of tightening is yet to be felt, and getting back to the inflation target may require below-trend growth and labor market softening.<\/span><\/p>\n

Despite the Fed’s decision to raise rates, they may raise them again in September, depending on the data.<\/span><\/p>\n

The Fed’s decision to keep Quantitative Tightening (QT) unchanged was also a sign that the central bank is taking a measured approach to monetary policy.<\/span><\/p>\n

The markets reacted positively to the Fed’s decision, with Bitcoin and US equities both higher. Many investors interpreted the event as a signal that the Fed is getting closer to hitting the pause button on rate hikes, which could be positive for risk assets in the near term.<\/span><\/p>\n

Bitcoin Bulls Charge Forward As Sell Wall Disappears<\/span><\/h2>\n

After the Federal Open Market Committee (FOMC) announced a 0.25% increase in interest rates, crypto market and data analysis firm Material Indicators has <\/span>suggested <\/span><\/a>that a sell wall at the $29,400 level has vanished.\u00a0<\/span><\/p>\n

This level is just above Bitcoin’s current price, which currently stands at $29,300 as of writing.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s sell wall cleared. Source: Material Indicators.<\/a><\/figcaption><\/figure>\n

According to Material Indicators Firechart, a significant level has cleared for Bitcoin, allowing the cryptocurrency to breach this zone and reclaim higher price levels. However, in the short term, Bitcoin’s 50-day Moving Average (MA) may present an obstacle, as it currently sits above the cryptocurrency’s current price.<\/span><\/p>\n

Related Reading: Compound (COMP) Bulls Strengthen Market Control With 13% Rally<\/a><\/div>\n

Despite this challenge, there is good news for Bitcoin bulls, as the cryptocurrency’s Average Directional Index (ADX) has experienced a significant drop and is approaching the neutral level.\u00a0<\/span><\/p>\n

As seen in the 1-day chart below, this drop in ADX is often followed by a strong uptrend, potentially propelling Bitcoin back above the $30,000 mark. Moreover, Bitcoin may be able to trade above its 50-day MA and regain it as a support level, as it has been doing for the last month before its 5% decline last week.<\/span><\/p>\n

\"Bitcoin
Bitcoin’s reaction following FOMC’s rate hike on the 1-day chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

These technical indicators suggest that Bitcoin may be poised for a rebound shortly, which could be welcome news for investors and traders alike.<\/span><\/p>\n

Featured image from iStock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Reserve\u2019s (Fed) decision to raise the Federal Funds Rate (FFR) by 25 basis points to 5.50%, the highest level since February 2021, had little impact on the cryptocurrency market and Bitcoin (BTC), with the event described as “very vanilla” by the Journalist Ted Talks Macro.\u00a0 The FOMC indicated that achieving its 2% inflation target still has a long way to go and that it will take a data-dependent approach to future rate hikes. While some investors had been hoping for a more hawkish tone from the Fed, the central bank’s cautious approach was seen as a sign that it is still concerned about the potential impact of its monetary policy on the broader economy.\u00a0 Related Reading: Singaporean Judge Declares Crypto Is Personal Property In ByBit Case According to Ted, the full effect of tightening is yet to be felt, and getting back to the inflation target may require below-trend growth and labor market softening. Despite the Fed’s decision to raise rates, they may raise them again in September, depending on the data. The Fed’s decision to keep Quantitative Tightening (QT) unchanged was also a sign that the central bank is taking a measured approach to monetary policy. The markets reacted positively to the Fed’s decision, with Bitcoin and US equities both higher. Many investors interpreted the event as a signal that the Fed is getting closer to hitting the pause button on rate hikes, which could be positive for risk assets in the near term. Bitcoin Bulls Charge Forward As Sell Wall Disappears After the Federal Open Market Committee (FOMC) announced a 0.25% increase in interest rates, crypto market and data analysis firm Material Indicators has suggested that a sell wall at the $29,400 level has vanished.\u00a0 This level is just above Bitcoin’s current price, which currently stands at $29,300 as of writing.\u00a0 According to Material Indicators Firechart, a significant level has cleared for Bitcoin, allowing the cryptocurrency to breach this zone and reclaim higher price levels. However, in the short term, Bitcoin’s 50-day Moving Average (MA) may present an obstacle, as it currently sits above the cryptocurrency’s current price. Related Reading: Compound (COMP) Bulls Strengthen Market Control With 13% Rally Despite this challenge, there is good news for Bitcoin bulls, as the cryptocurrency’s Average Directional Index (ADX) has experienced a significant drop and is approaching the neutral level.\u00a0 As seen in the 1-day chart below, this drop in ADX is often followed by a strong uptrend, potentially propelling Bitcoin back above the $30,000 mark. Moreover, Bitcoin may be able to trade above its 50-day MA and regain it as a support level, as it has been doing for the last month before its 5% decline last week. These technical indicators suggest that Bitcoin may be poised for a rebound shortly, which could be welcome news for investors and traders alike. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":544529,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,78790,6664],"class_list":["post-544528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nFOMC Delivers Expected 0.25% Rate Hike, Bitcoin Holds Steady Above $29,000<\/title>\n<meta name=\"description\" content=\"The Fed decision to raise the FFR by 25 basis points to 5.50%, had little impact on the cryptocurrency market, and Bitcoin (BTC).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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