The FOMC meeting shared clarity for the month ahead to crypto investors as BTC resumed its journey on the recovery path soon enough.
The crypto market shared positive hints with the outcome of the FOMC meeting. With its conclusion, Bitcoin has moved ahead on a recovery path. The Federal Reserve raised the interest rates as expected by most economists, but the markets took the news on a stronger footing. With the move, interest rates in the US have risen to the highest level in over two decades.
Mixed trends in the crypto market sparked the days leading up to the Fed’s decision. Bitcoin had lost its key $30000 support, and a few had predicted further losses. Fortunately, BTC held on to $29,000, and its current movement could lead to the reclamation of its earlier trading range.
Bitcoin’s upward move has led to other crypto tokens like Solana, XRP, Cardano and BNB trading higher. The overall crypto market cap rose by 1% with the development in the last 24 hours.
With its volatility taking a turn for the better, BTC looks set for a positive mid-term outlook. Liquidity in the crypto market in the upcoming months could decide its subsequent trajectory. The global economy’s condition in the near future could influence eventual interest rate decisions.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29500 on July 27, 2023, with BTC/USD going up by 1.3% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,186.35) as BTC’s 24-hour volume increased to around $13 billion. Bitcoin has seen around 77.52% returns on a year-to-date basis.