Following the Fed meeting in which a 25-basis point increase was made to lower inflation rates, crypto markets are consolidating.
Fed Chair Jerome Powell announced that the Federal Open Market Committee (FOMC) decided to increase interest rates from 4.5% – 4.75%. The US market responded moderately, but it did give Bitcoin a slight boost.
After the FOMC meeting, the BTC prices rose as markets responded positively to the decision by the FOMC to raise interest rates 25 basis points. Although another resistance test at $25,000 was anticipated, the bears increased their power to limit the price below $24,500.
The DXY Index, although showing some strength, is now less bullish. This suggests that there may be a bullish reversal soon for star crypto.
After the recent rise above $24,000, Bitcoin has been trading within a predetermined price zone. The price of Bitcoin rose after the FOMC meeting but now faces bearish challenges at levels just above the average.
The RSI is falling, so the price could continue to fall. It may reach $24,245 interim support level before entering a decisive phase.
A notable rise towards the tops of $25,000. If Bitcoin prices rebound after gaining enough bullish momentum, then it is possible for the price to rebound. The price could also drop below the critical support level to test the bottom of $23,500. The next few hours could prove to be crucial for Bitcoin (BTC).