Bitcoin continued to hover at around $28,000, up slightly on Wednesday, although some traders see the price going up to $30,000 or falling to $25,000 on positive or negative momentum depending on what the Federal Reserve announces about interest rates. Analysts expect the Fed to raise rates by a quarter-point. according to the CME FedWatch tool. Edward Moya, senior analyst at foreign-exchange trading firm Oanda, said momentum flows could support a 5% move in either direction. “If the Fed doesn’t spark a rally, bitcoin could settle closer to the $25,000 region.” Mike McGlone, senior commodity strategist at Bloomberg, said that there could be a “super-cycle” happening in crypto. “Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening,” he tweeted.
Source: https://www.coindesk.com/markets/2023/03/22/first-mover-americas-bitcoin-traders-await-feds-decision/?utm_medium=referral&utm_source=rss&utm_campaign=headlines