Defying broad financial expectations, the US Federal Reserve decided to keep interest rates steady in the range of 5.25%-5.50%. This decision goes against the trend of other G7 countries' central banks to lower interest rates and could have significant impacts on the Bitcoin (BTC) price.
Last week, the Bank of Canada announced it was cutting its interest rate by 0.25%, confident that inflation would not increase. The European Central Bank (ECB) and the Danish Central Bank similarly reduced interest rates. These global interest rate cuts caused significant fluctuations in the Bitcoin price, increasing the BTC price from $66,190 to $70,100.
The Federal Reserve's decision to keep interest rates steady has caused an uptrend in Bitcoin price. At the time of writing, Bitcoin is up 1.3% in the last 24 hours to $68,182. Despite this rise, market volatility remains high and trading volume decreased by 6.6% to $35,610,411,519. The lowest price of Bitcoin during the day was recorded as $66,910 and the highest was $69,945.
Market analysts predict that this stance by the Federal Reserve will help Bitcoin retest the $70,000 resistance level. Bitcoin's price is highly sensitive to overall market trends, and the reactions of mainstream exchanges could further shape Bitcoin's price in the coming hours.
As Bitcoin investors evaluate current market conditions and the potential impacts of a spot BTC ETF, capital movements by major players such as Grayscale Investments can also significantly impact market dynamics. Grayscale's latest breakout streak led to the end of its previous 19-day net inflow streak.
However, the general outlook is bullish on Bitcoin's growth potential, with some forecasts pegging short-term price targets at $100,000.
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I EXPLAIN IN DETAIL.
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