Bitcoin (BTC) Price Eyes $70,000 As US Feds Leaves Rate Unchanged
Highlights
- The US Federal Reserve has kept its interest rate unchanged against expectation
- Bitcoin is jumping in what might be a push above the $70,000 mark
- Spot Bitcoin ETF influence remains a must watch for market investors
Against the general expectation of the broader financial ecosystem, the United States Federal Reserve has held its interest rate intact, a move that holds a crucial sway on the price of Bitcoin (BTC).
Bitcoin Price and Fed Stance
After the conclusion of the Federal Open Market Committee (FOMC), the US banking officials decided to keep rates between 5.25% – 5.50%. This is against the projections that the Feds might follow in the footsteps of other G7 central banks that cut rates by 25 basis points.
Last week, the Bank of Canada broke the stalemate and lowered interest rate by 0.25% on confidence that inflation is no longer rampaging. Following this move, the European Central Bank (ECB) also lowered its interest rate by the same percentage. In order to buoy its own fiat currency, the Danish Central Bank also slashed its rate last Thursday.
In all of these rate slash announcement, Bitcoin price recorded a wavy motion as it swung from a low of $66,190 to a high of $70,100. With the Federal Reserve maintaining its rate stance, the price of Bitcoin is now maintaining its bullish rebound from earlier in the day. At the time of writing, the coin is up by 3.22% in 24 hours to $68,785.91.
Volatility is obviously high as despite this uptick, its trading volume is still down by 16.3% to $30,874,721,390. The 24 hour low comes in at $66,902.46 and its highest peak at $69,977.89. The expectation is that the Federal Reserve announcement will help boost the bullish BTC momentum to help it retest the resistance level at $70,000.
Market Momentum is Just Shaping Up
For Bitcoin, the price is very responsive to general market trends. The reaction of the mainstream stock market might further shape its growth in the next few hours.
While Bitcoin investors try to make sense of the current market positioning, the impact of spot BTC ETF might also play a crucial role moving forward. After recording a 19 day net-inflow streak, the trend has shifted with 2 day outflow streak fueled by Grayscale Investments’ capital exodus.
Overall, the growth prospect of Bitcoin is considered positive with forecasts pegging its short term price targets at $100,000.
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