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Bitcoin hit a year-to-date high of $28,865 ahead of this afternoon’s FOMC meeting. However, I lost $28,000 and $27,000 of emotional support by 7.2% in two hours.
Over $224 million has been liquidated from the cryptocurrency market in the last 24 hours, and $170 million in the last 4 hours alone.
At the time of writing, Bitcoin appears to be holding around $26,800 with a daily spread of $2,065 or 8%.
The Fed raised interest rates by 25bps during a meeting with FOMC Chairman Jerome Powell, saying, “We no longer expect continued rate hikes to be appropriate.” The news suggests that further rate hikes are unlikely throughout 2023.
Following this news, the cryptocurrency community looks bearish in the short term. This is because Bitcoin has rejected long-term support and turned to resistance at the $28,700 levels. The green horizontal line below the chart below shows that Bitcoin has been supported at $28,700 on several occasions during the bull run with heavy buying from investors.
