Sunday, May 19, 2024
HomeCryptocurrenciesBitcoinBitcoin Bulls Aim for $30K Amidst Uncertainty of Fed Rate Hike

Bitcoin Bulls Aim for $30K Amidst Uncertainty of Fed Rate Hike

The current bullish position of Bitcoin is sending a positive signal to the crypto markets, which are experiencing a climb on the back of the ongoing banking crisis. Despite potential hurdles, including the Federal Reserve’s decision on interest rate hikes and macroeconomic data, Bitcoin and altcoins are circling levels that some have not seen for nine months. The bear market of 2022 is feeling like a distant memory as old resistance levels crumble and bulls try to cement newly-reclaimed support.

The Federal Reserve faces a stark challenge to its current quantitative tightening policy, with the unfolding banking crisis putting into doubt the Fed’s ability to keep raising interest rates. While raising rates would keep inflation in check, it could further punish the economy and possibly unleash a new wave of bank failures. The Fed is caught between a rock and a hard place, with no one really agreeing on what’s going to happen. However, the consensus as of March 20 favored the Fed hiking by 25 basis points, rather than pausing hikes altogether.

BTC graph 1M

Despite the potential hurdles, the mood on Bitcoin and crypto markets has taken a fresh turn for the better as the week begins. The spot price of Bitcoin eyes $30,000, a psychologically significant level surrounded by considerable historical liquidity. For monitoring resource Material Indicators and others, a key support level to hold is the 200-week moving average. Popular trader Crypto Tony focused on $27,700 to support the bull case and potential for an attack on $30,000.

In summary, the current bullish position of Bitcoin and the climb of crypto markets suggest that there is room for growth in the near future. Although potential hurdles exist, including the Federal Reserve’s decision on interest rate hikes and macroeconomic data, Bitcoin and altcoins continue to circle levels that some have not seen for nine months. With Bitcoin’s own ecosystem set to become stronger than ever as network fundamentals launch to fresh all-time highs, the future looks bright for Bitcoin and the crypto markets.

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