- Bitcoin’s bullish prospects improve as the FED takes a soft stance on interest rates.
- BTC unexpectedly dips despite bullish expectations as whales play the market.
Bitcoin experienced a substantial amount of selling pressure in the last few weeks. Most of the selling pressure was associated with concerns about the Federal Reserve possibly increasing interest rates.
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Fast forward to the present and it is now more than 24 hours since the FED made its announcement. The monetary authority revealed that it would maintain its benchmark interest rate between 5.25% and 5.50%. In other words, the rates would remain unchanged, contrary to concerns of a possible interest rate spike.
The Fed has kept the benchmark interest rate unchanged in the range of 5.25%-5.50%, in line with market expectations.
WSJ：12 officials pencil in one more hike this year; 7 are ready to pause. The median participant projects two cuts in 2024. https://t.co/azBKxgRjqH
— Wu Blockchain (@WuBlockchain) September 20, 2023
Technically, the announcement should trigger more confidence among Bitcoin investors as has been the case in the past. This means it will be easier for Bitcoin to rally back towards the $30,000 price range. Assuming that all factors are held constant and no other sources of FUD affect investor confidence.
Unfortunately for the bulls, recent reports suggested that Bitcoin was currently experiencing block congestion. The network had a backlog of almost half a million transactions at the time of writing due to block fullness.
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Author: Michael NderituDid you like this?
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