Bitcoin worth steadied above $16,800 as US Federal Reserve officers agreed to gradual its tempo of rate of interest hikes.
The newest FOMC minutes point out that US policymakers are targeted on controlling the tempo of worth hikes.
Bitcoin might surge previous the $17k resistance stage quickly.
BTC eyes the $17k resistance stage
The United States Federal Reserve lately launched minutes from the Federal Open Market Committee for December. Fed members agreed {that a} restrictive coverage stance would want to be maintained for now till the incoming knowledge supplied confidence that core inflation was on a sustained downward path again down to 2%.
This latest cryptocurrency news noticed Bitcoin, the world’s main cryptocurrency by market cap, keep its worth above the $16,800 stage over the past 24 hours. It has misplaced lower than 1% of its worth, and the price of Bitcoin now stands at $16,834.
The broader crypto market can be recovering from its current droop. At press time, the full cryptocurrency market cap stands at $819 billion, up by lower than 1% within the final 24 hours.
Key ranges to watch
The BTC/USD 4-hour chart is bullish as Bitcoin has held its floor above the 50-day Exponential Moving Average (EMA) at $16,714 over the previous few days.
The MACD line is above the impartial zone, indicating that the main cryptocurrency has preserved its downward development from the standpoint of realised worth. The 14-day RSI of 61 additionally reveals that extra bulls controlling the market might see BTC enter the overbought area.
If the bullish momentum will increase, BTC might surge previous the primary main resistance stage at $17,145 over the following few hours. However, Bitcoin might battle to surpass the second main resistance stage at $17,485 within the quick time period, except it features assist from the broader crypto market.
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