Bitcoin's price neared $86,000 after the FOMC meeting, which decided to keep rates at 4.5%, positively impacting the crypto market.
FOMC Meeting and Market Reaction
On March 20, Bitcoin's price neared $86,000 after the US Federal Reserve's FOMC meeting, where it decided to keep interest rates unchanged at 4.5%. The crypto market reacted positively, with Bitcoin surging 3.5% following the announcement. Former President of the United States, Donald Trump, also advocated for rate cuts and referred to April 2 as the 'Liberation Day in America'. Analysts pointed out that Bitcoin has to surpass the $85,500 resistance level for it to resume the uptrend.
Influence of Money Supply and Bitcoin ETFs
The increase in the M2 money supply can also have an effect on the price of Bitcoin in the future. Experts state that even a slight change in the liquidity level can have a significant impact on BTC. There has also been a return to inflows in spot Bitcoin ETFs with BlackRock's Intercontinental BlackRock BITCOIN ETF at the forefront.
Altcoins Movement and Analysts' Predictions
Altcoins also surged in tandem to Bitcoin; Ethereum, XRP, Solana, and Dogecoin were up by 4-10%. The market sentiment is strong, and analysts have speculated that Bitcoin could surge to $90,000 by mid-April, which will be a bullish run.
The Fed's decision to keep interest rates unchanged and the positive movements in the cryptocurrency market indicate a strengthening of Bitcoin and altcoins positions. Experts provide optimistic forecasts for the future.
