Following the largest daily drop in the cryptocurrency market led by Bitcoin on December 11, 2023, all attention turned to the FED meeting held on December 13. The reticence of analysts and investors regarding the process had caused a deep silence in the markets. However, after the meeting took place, Bitcoin managed to trade at $42,853, marking a 3% daily increase at the time the article was written.
FED Keeps Rates Steady
The FED’s decision to keep interest rates steady during the meeting at 22:00 caused the U.S. Dollar Index to fall, followed by an optimistic view from FED Chairman Powell on interest rates, which led to a significant increase in the price of Bitcoin. During this period, Bitcoin managed to reach the highest level of recent days.
The breaking of the rising channel formation on the 15-minute chart for Bitcoin came after these developments. With the opening of Wall Street, Bitcoin struggled to surpass the $42,200 resistance level, but following Powell’s moderate view on rate cuts, it gained significant momentum and allowed a positive scenario for the upcoming period to emerge.
