Bitcoin sets its sights on $40,000, energized by the Federal Open Market Committee’s (FOMC) recent decision to maintain interest rates. The market’s pulse quickened as the Federal Reserve reinforced its strategy to keep the federal funds rate at the 5.25% – 5.50% corridor.

This move, although anticipated, has sent ripples through the financial markets, emboldening investors and traders in the crypto industry.

Bitcoin Jumps As Fed Extends Pause on Interest Rates

The equilibrium in interest rates has provided fertile ground for Bitcoin to recapture its vigor. According to BeInCrypto’s on-chain analyst, Ibrahim Ajibade, this could help Bitcoin confidently advance toward the $40,000 mark.

“With 79% of Bitcoin holders in profitable positions, the overall sentiment within the ecosystem is dominantly positive… Drawing inferences from these historical data trends, Bitcoin price will likely make another leg-up toward $40,000 if the expected rate pause is officially announced,” Ajibade said. 

Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know

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Author: Bary Rahma

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