TradingView data showed Bitcoin rising to $29,114, then unexpectedly reversed course, falling below the $28,000 and $27,000 support levels to $26,810.

In a move that mostly met expectations, the Federal Reserve increased interest rates by 25 basis points on Wednesday. This action sparked a wave of turbulence in the cryptocurrency market and sent asset prices soaring across financial markets – Bitcoin rising, then unexpectedly, falling!

U.S. stocks were up for the day before the Fed’s decision, and they spiked up as it got closer, but after Fed Chair Powell’s press conference, they crashed into the red, snapping a two-day winning run. The S&P, Dow, and Nasdaq were each down 1.65%, 1.63%, and 1.60% at the end of trading.

According to TradingView data, Bitcoin (BTC), which had been trading around $28,300 during the morning session, soared to a high of $29,114 just before Powell’s press conference. It then abruptly reversed course and fell under the $28,000 and $27,000 support levels, reaching a low of $26,810.

Before the afternoon’s developments, Kitco senior technical analyst Jim Wyckoff said, “Prices are in a typical pause after achieving a contract high Monday. Despite a daily bar chart price increase, bulls still have the technical edge.

In his morning Bitcoin post, Wyckoff stated that “Further upside is probable in the immediate term,” but Powell’s comments appear to have disrupted the “fledgling price rise” and allowed bearish to seize charge.

BTC/USD 4-hour chart. Source: TradingView

Consolidation after the increase of interest rates

Eight Worldwide analysts said Bitcoin’s price rise represented a departure from its longest accumulation period. “This tells us the strength now in the crypto market, and consequently the confidence of market participants,” they wrote in a morning report before the Fed’s rate move.

“BTC is at a solid resistance zone, $28.5-32.5k. “BTC will not pass through this easy, thus many will secure profits here,” the analysts concluded. If BTC rejects here, a correction to the old range high is likely. And this $25-25.5k zone will support.”

Eight Global stated that Bitcoin “will eventually break through, and rise towards $37-38K” if it can consolidate in the resistance zone. Another 25% price hike.”

Eight Global founder Michaël van de Poppe tweeted the following morning update after Powell’s announcement, adding he “expects some consolidation before continuation” for Bitcoin.

Altcoins suffer losses

Due to improving fundamentals, a few tokens in the top 200 managed to stay in the green despite the Bitcoin collapse.

iExec RLC (RLC) rose 12.76%, Gitcoin (GTC) 12.48%, and Blur (BLUR) 9.69%.

Bitcoin controls 46.2% of the $1.16 trillion cryptocurrency market.

Best Forex Broker

The top-tier DFSA, FCA, and ASIC all regulate XM. Right now, one of the best trading platforms offering wide range of products.

Trade whenever with a CFD broker with global recognition! You have mobile access to more than 230 tradeable assets with the VT mobile app.

Enjoy Instant Order Execution and a Professional Platform. Low fees and helpful, round-the-clock support. high quality. Indices. Trading.

Trade CFDs on shares, indices, currency, commodities, bonds, and cryptocurrencies with our simple interface on worldwide markets.

For traders with low to medium skill levels. Provides a perfect fit thanks to its customizable account types that suits different styles.

Visa カジノ Visaカジノは、https://antiguidadesantonioluis.com/banking/visa-online-casinos/ Visaカードを通じてオンラインギャンブルを楽しむことができるプラットフォームを指します。世界中の多くの人々が利用しており、その主な魅力は、Visaの広範な受け入れと迅速な取引です。クレジットカード情報を提供するだけで、多種多様なゲームを体験できます。ポーカー、ブラックジャック、スロットなど、選択肢は無限大です。しかし、参加する前に、自分自身の財政管理をしっかりと理解し、自己制御を保つことが重要です。 21 com カジノ 21 com カジノは、https://casino-bonus-tips.com/21.com/ オンラインで豊富なゲーム体験を提供しています。スロットからテーブルゲーム、ライブディーラーゲームまで、多岐にわたる選択肢が揃っていて、プレイヤーの好みに合わせて選べます。また、スマートフォンやタブレットからもアクセス可能で、いつでもどこでも楽しむことができます。その他にも、新規プレイヤー向けのボーナスや、定期的なプロモーションもあり、ゲーム体験をより楽しく、エキサイティングにしてくれます。ただし、年齢制限や自己管理の規則に注意しながら、楽しみ方を見つけていきましょう。