Bitcoin price maintains uptrend in response to the Federal Reserve’s rate hike
- Bitcoin price stayed above $40,000 as the US Federal Reserve announced its first rate hike in three years.
- Jerome Powell announced a hike of 25 basis points, fueling a bullish narrative in tech stocks and cryptocurrencies.
- Analysts are bullish on continuing the Bitcoin price uptrend and believe that Bitcoin price is prepared to test support and bounce higher.
Bitcoin price sustained above $40,000 post the United States Federal Reserve’s rate hike announcement. Analysts believe the Bitcoin price uptrend could continue as volatility in the crypto market increases.
Bitcoin price sustains uptrend, stays above $40,000
Bitcoin price stays above $40,000 after the US Federal Reserve’s long-awaited announcement of the interest rate hike. Most altcoins in the top 30 witnessed a surge in price. Proponents noted that after low volatility for weeks, Bitcoin price witnessed a breakout, skyrocketing $3,000 within a single day.
Jerome Powell, Chair of the Federal Reserve, unveiled plans to increase interest rates by 25 basis points, for the first time in three years. Following the announcement, Bitcoin price witnessed a $1,000 drop. A spike in Bitcoin price volatility pushed the asset above $40,000 level.
Analysts have evaluated the Bitcoin price trend and shared a bullish outlook on the asset. @ShardiB2, a crypto analyst and trader, noted that Bitcoin price is testing support and ready to bounce. The analyst believes Bitcoin price support is at 40,746.
@Bleeding_Crypto, a pseudonymous crypto analyst, argued that Bitcoin price consolidation above the 300-day Exponential Moving Average is a bullish sign for the asset. The analyst has set a target of $43,000 to $51,000 for Bitcoin price in the current price cycle.
FXStreet analysts believe that Bitcoin price could slide to $30,000 to form a market bottom. Analysts believe that the asset would sustain its uptrend as long as Bitcoin price is above the most powerful support in the Ichimoku system.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
