On December 11, 2023, the cryptocurrency market experienced the largest daily drop of the year, led by Bitcoin. This situation caused all eyes to turn to the FED meeting on December 13. Reservations of investors and analysts about the process led to deep silence in the markets.
The FED’s decision to keep interest rates unchanged initially caused the dollar index to fall. FED Chairman Powell’s optimistic views on interest rates led to a significant increase in the price of Bitcoin. During this period, Bitcoin reached its highest levels in recent days.
Bitcoin achieved a significant breakout from the rising channel formation on the 15-minute chart. With the opening of Wall Street, Bitcoin initially failed to surpass the $42,200 resistance level, but gained significant momentum after Powell’s moderate views on interest rate cuts, paving the way for a positive scenario in the coming period.
Powell’s statements after the meeting allowed Bitcoin to trade at the level of $42,853 and record a daily increase of 3% at the time of writing. This led to one of the highest levels for Bitcoin in the near term.
Investors and analysts focused on the developments in the cryptocurrency market after the FED meeting, and the increase in Bitcoin’s price appears to have created a positive atmosphere in the markets.