• Bitcoin recently crossed the $23k and briefly reached $24k, but has since dropped back to hovering between those two price levels.
• Ethereum also saw a surge in value, almost reaching $1,700, the highest since September.
• On Friday, there was some profit booking in Bitcoin and other major altcoins after the interest rate hike by the U.S. Federal Reserve.
Recent Price Movement of Bitcoin
Bitcoin recently crossed the $23k price target a couple of days back and then pulled above $24k as well; leading to an overjoyed crypto market. However, the celebration was short-lived as bitcoin’s price dropped back to hovering between these two price levels. Investors are now curious if bitcoin will clear this Wednesday imbalance and push back up towards its next targets of $25k and beyond.
Impact of U.S Federal Reserve Rate Hike on Crypto Market
The day before the jump in Bitcoin value, the Federal Reserve raised its benchmark interest rate, which some saw as a dovish move. Despite this positive trend, many investors remain cautious about further jumps in prices until stabilization is seen in crypto markets due to this rate hike by Fed Chairman Jerome Powell.
Profit Booking Sees Downward Trend
On Friday, there was some profit booking in Bitcoin and other major altcoins after the interest rate hike by the U.S Federal Reserve resulting in a 2% drop for bitcoin but it still remains above the $23000 mark while Ethereum dropped more than 2% but held above the $1600 level with other altcoins showing mixed results and total trading volumes flat at around 61$ billion close to their previous day’s figure.
Ethereum Nears All-Time Highs
Ethereum also saw a surge in value almost reaching $1700 -the highest since September- however if it fails to break through this resistance level then a correction may occur soon enough.
Will Bitcoin Clear The Imbalance?
With all these events taking place within such a short period of time we can only wait for things to settle down so that we can see if bitcoin will clear this Wednesday imbalance or not and make an attempt at pushing its way up towards its next target of 25K or higher..