Bitcoin (BTC) headed to new nine-month highs after the March 21 Wall Street open as a crucial Federal Reserve interest rate decision loomed.

Bitcoin price climbs despite conservative Fed view

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $28,500 on Bitstamp.

The latest in a succession of multimonth highs, the latest BTC price action precedes what promises to be a volatile day for markets.

The Fed will announce how far — if at all — it will hike its baseline interest rate on March 22, with a pause in the hiking cycle seen as a boon-in-waiting for risk assets.

“Heavily interested to see the outcome of tomorrow,” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in part of a Twitter update.

“Potential sweep into the highs, closing CME gap, trapping everyone & creating bearish divergences is an ideal concept. Key zone $28,700.”

Bitcoin nonetheless produced interesting moves on March 21, with the dollar gains coming alongside volatility in overall crypto market cap dominance.

“Altcoins bleeding, while Bitcoin is still consolidating around the highs. Not the signs you’d want to see,” Van de Poppe warned earlier.

“Money rotating from altcoins towards Bitcoin amid fears for tomorrow’s FOMC meeting. I’d stay relatively calm on positions as well. Obvious opportunities will arise.”

The subsequent comedown after the Wall Street open was

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Author: William Suberg

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