With the U.S. Federal Reserve’s Federal Open Market Committee keeping the Fed funds rates at a steady level between 5.25%-5.50%, Bitcoin skyrockets and tops the $35K barrier. Following the FOMC, Fed Chairman Jerome Powell keeps a slightly hawkish viewpoint for the future. Moreover, Powell highlighted the rising U.S. Treasury yields have been a key reason for tense financial situations.
DTCC explains that the ticker code appearing is common for any potential ETF and clears the mist around approval. Nevertheless, with such an impulsive wave, the Bitcoin price prediction suggests an uptrend to the $40K mark soon.
Following the rounding bottom breakout, the BTC price kept struggling to cross the strong supply at the $35K barrier. The 37% jump in Bitcoin price to reach $35K led to a sideways shift with long-range candles for more than a week.
However, the recent FOMC meeting revealed a less hawkish stand of the Feds, resulting in a boost in investors’ confidence. With a fresh breath of relief, the BTC price jumped by 2.25% last night.
Currently, the BTC price trades at $35,530 with an intraday growth of 0.28% as it struggles to sustain the bullish momentum. Nevertheless, the improving sentiments can drive the breakout rally with the unleashed trapped momentum.
Technical indicators:
MACD: The MACD line avoids a bearish crossover and may soon regain the bullish trajectory. Further, the positive histograms are on the rise.
EMA: The 50-day and 200-day EMAs keep a positive move. Moreover, a golden cross is visible in the 50-day and 200-day Simple Moving Averages, increasing the bull run possibility.
Will Bitcoin Touch $40K Before 2024?
As the FOMC meeting brings a new bull run in Bitcoin prices, the overpowering bulls are starting a fresh rally. Further, the anticipations of a Bitcoin Spot ETF remain a catalyst to keep the bulls ready for a fresh sprint.
Considering the uptrend sustains above the $35,000 mark, the $40,000 will be the next pitstop for Bitcoin. Conversely, the BTC price may retest the $31K mark if the prices fall under $35K.
