BTC Rises Over $28K During FOMC But Plunges Again!


 "Investors must be disappointed that the price of BTC cannot rise to $30K."

The price of cryptocurrency king Bitcoin (BTC) managed to surpass $28,750 as the United States (US) Federal Reserve (Fed) raised interest rates by 25 basis points during the March 2023 Federal Open Market Committee (FOMC) meeting.

Even so, Fed Chairman Jerome Powell who said that such an interest rate hike may be the last while adding that it is too early to tell how monetary policy should respond has been the reason BTC price slipped again.

Explained further, Powell believes the banking crisis in the last two weeks may result in tighter credit conditions for households and businesses and further affect economic outcomes.

The streak, the price of BTC which rose more than $28,000 after hovering at the level of $27,867 continued to plunge to $26,770 following Powell's response to press inquiries.

This is because some commentators still describe Powell as hawkish in prioritizing inflation over the banking crisis.

However, there are analysts predicting the price of BTC to potentially jump back up to $30,000 as it is a strong resistance zone while $25,000 is the digital asset's support level.

While a popular trader named Alex Kruger is of the view that BTC can rise higher than $30,000 this week because he considers Powell's statement during the FOMC to be dovish.

As of this writing, BTC price is down 2.74% at $27,305 in the last 24 hours with a market cap of $527 billion while Ethereum (ETH) is down 3.01% at $1,736 and Ripple (XRP) is down 8.75% at $0.42.