Bitcoin saw itself shooting above $31300 in a sharp rise, which was a positive turn after being in the same trading range for days.
The crypto market was trading stagnant in the last 24 hours before witnessing a sharp rise on July 6. The cautious signals earlier were a result of the possible rate hikes. Though the Federal Reserve had stopped last month, it had hinted towards further hikes.
The crypto market has been trading on a good note since mid-June. The overall push in the crypto market by Bitcoin has been generally bullish. Its firm support at $30000 has largely supplied Bitcoin’s positive trends. Traders could look towards a new possible support at $31000 from now.
The latest FOMC minutes have indicated certain developments in the next few days. The minutes referred to the policymakers, stating, “Leaving the target range unchanged at this meeting would allow them more time to assess the economy’s progress toward the Committee’s goals of maximum employment and price stability.”
It could only mean that further rate hikes were on the way but at a much slower pace. On the other hand, the Bitcoin ETF applications needed more details from regulators, according to reports. But the matter is still under discussion, and the SEC could also take a positive stance with detailed replies to their queries.
BTC/USD 1D price chart
Bitcoin is currently trading at around $31300 on July 6, 2023, with BTC/USD up by around 1.9% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (28,781.99) as BTC’s 24-hour volume increased to around $15 billion. Bitcoin has seen around 83.80% returns on a year-to-date basis.