Today’s Bitcoin price stands at $27,033, having experienced a trading volume of $13 billion over the past 24 hours. Bitcoin has witnessed a slight dip, declining around 0.50% during this timeframe.
As the US Federal Reserve holds steady on its decision, keeping the Fed funds target range anchored at 5.25-5.5%, the cryptocurrency market waits with bated breath.
The Fed has not only signalled the potential for another 25 basis point hike this year but has also painted a picture of diminishing prospects for rate cuts in the long run.
Their guidance steers inflation back to the 2% mark, reducing the likelihood of an impending recession. Despite the hurdles the economy currently grapples with, there’s a palpable market scepticism.
Yet, Wednesday’s overarching takeaway from the Federal Reserve’s announcement is a hawkish pause. Policymakers seem convinced that interest rates will persist at heightened levels for an extended period.
Amidst this backdrop, many speculate on Bitcoin’s next move – could BTC surge to the $30,000 mark in response?
Bitcoin Price Prediction
On CoinMarketCap’s ranking, Bitcoin maintains the top spot, boasting a live market capitalization of $526 billion. Presently, there are 19,491,637 BTC coins in circulation, out of a maximum supply of 21,000,000 BTC coins.
Technically, Bitcoin is on the brink of breaking the $27,500 resistance level which could result in a surge towards $28,200. After surpassing the $26,800 resistance level, Bitcoin has stabilized above the $27,000 mark.
However, there is still resistance around $27,500, and the most recent peak reached $27,494.
The cryptocurrency is currently hovering just below the 23.6% Fib retracement level from its recent swing, and remains above the 100 hourly Simple Moving Average with a bullish trend line near $26,800 providing support.
Resistance levels of $27,500 and $28,200 are crucial for Bitcoin, and if these levels are surpassed, it can lead to a potential surge towards the $29,500 or even $30,000 region.
However, if BTC fails to break through the $27,500 resistance, it may experience a decline with support levels at $27,050 and $26,800.
A breach below the latter may result in a further drop in price towards $26,200.
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