FOMC Minutes Fueled DXY Index-Warning Bell For Bitcoin Price?

The post FOMC Minutes Fueled DXY Index-Warning Bell For Bitcoin Price? appeared first on Coinpedia Fintech News

Crypto markets are consolidating following the Fed meeting, during which a 25 basis point increase was implemented to reduce inflation rates. The decision to raise interest rates from 4.5% to 4.75% was taken during the Federal Open Market Committee (FOMC), which was announced in a press conference by Fed Chair Jerome Powell. However, the US market’s response was moderate, but it did offer the Bitcoin price a slight push.

The BTC price increased following the FOMC meeting as markets reacted positively to the decision to raise interest rates by 25 basis points. While another test for the resistance at $25,000 was expected, the bears enhanced their strength to restrict the price below $24,500. Besides, the DXY Index, which showed some strength, is now more sluggish, indicating the possibility of a bullish reversal for the star crypto soon.

The Bitcoin price, after the recent upswing beyond $24,000, has been trading within a pre-determined price zone. Following the recent FOMC meeting, the price rose from lower support but is now facing some bearish challenges just above average levels. As the RSI falls, the price may continue to fall and reach the interim support level of $24,245 before encountering a decisive phase.

If the Bitcoin price rebounds after gaining enough bullish momentum, then a notable rise may be expected towards the highs beyond $25,000. A rejection at the crucial support level may also drag the price lower to test the bottom at around $23,500. Therefore, the next few hours could be extremely crucial for the Bitcoin (BTC) price.