While the rate hike led to a short uptrend, analysts remain hopeful for uptrend to continue.
Post a 0.75% Federal Reserve rate hike, crypto markets are up as Bitcoin and other altcoins rallied in the first week of November. The market-wide rally in crypto, as well as the US equities, started right after the Federal Reserve Chairman Jerome Powell’s comments on the rate hikes.
On November 2, Bitcoin had briefly touched a high of around $20,800 before settling down around $20,500. Notably, the BTC/USD pair still remained well above the $20,000 mark, which is important on a psychological note to investors. It was quite a textbook move for Bitcoin.
BTC/USD 3 month price chart
As of November 3, Bitcoin is trading around $20,300, with BTC/USD down by 0.69% in the last 24 hours. Bitcoin is currently trading above its 20-day EMA (20040.36). The monthly high of around $21,000 still acts as a solid resistance for Bitcoin. Meanwhile, with the Fed rate hike, Solana, Cardano, Polygon, Ripple, and others also briefly registered rallies along with Bitcoin before tracing back and settling down. Although positive regarding long-term prospects, analysts also expect volatility to be high in the coming months.