Bitcoin July 27, 2022 – The FED Surprisingly Increases Bitcoin

The EDF whale – Bitcoin (BTC) price returns above $ 22,000 amid fears earlier this week by traders and analysts about market reactions to the FOMC meeting, the Federal’s hike in interest rates announcement Reserve (FED) of the United States.

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The FED raises the price of Bitcoin

The price of bitcoin goes up to $ 23,098 on Bitfinex today, July 27, 2022, before dropping below $ 22,000. The cryptocurrency is trading at $ 22,709 at the time of writing. Its price is currently posting a significant 8.45% daily gain.

The day is clearly in green, as the US Federal Reserve announced a increase of 75 basis points of its key rates. June and July will therefore have seen a cumulative increase of 150 basis points in just over two months, the largest such increase since the early 1980s.

While some observers feared that today’s rate hike announcement would bleed the markets, data released by the Fed and its chairman Jerome Powell’s words on the future pace of monetary tightening have greatly benefited risky assets.

Towards another rejection of $ 20,000?

With this foray above $ 23,000, Bitcoin is once again approaching the 200-week moving average of around $ 22,800. The failure of the bulls to keep the price of the cryptocurrency above this level shows that this average is still continuing act as a great resistancenot as an essential bullish support for a sustainable recovery.

The last weekly close below this average was followed by a drop below $ 21,000. In the event of another rejection at this level, should markets expect a pullback in the coming days that would shake $ 20,000 this time?

Today’s rally obviously does not mean that the bulls have returned to the market in a sustainable way. A weekly close above the 200-week moving average remains the strong signal expected by traders and investors to partially confirm the start of a bullish recovery. Meanwhile, Bitcoin’s price is still at risk of falling back below $ 20,000, given historical data.

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