Bitcoin Brunts Fed Rate Hike Like A Boss, Remains Bullish Above $40k Mark

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Bitcoin Brunts Fed Rate Hike Like A Boss, Remains Bullish Above $40k Mark

In a move to curb soaring inflation, the Federal Reserve has decided to raise interest rates for the first time since 2018 with many economists anticipating further hikes throughout the year.

By Andrew Senior
March 17th, 2022



After maintaining its benchmark interest rate at near zero since the beginning of the Covid pandemic, rates will be raised by a quarter percentage point, or 25 basis points by the policymaking Federal Open Market Committee.



Conversely, Bitcoin has seen little effect from the new rate hikes. Earlier today, a bullish spike formed in Bitcoin charts, quickly increasing the price from the $39,000 range to over $41,600 and currently sits at $41,146 at the time of writing this article.

In the short term, Bitcoin is facing some steady resistance, which may bring further losses prior to the Federal monetary policy meeting. On technical analysis alone, a retrace to $38,700 and lower is possible, while any gains that result in a break above $41,600 could signal a new bull run towards $45,000.


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