Bitcoin Defends $66,000 as Fed Leaves Interest Rates Unchanged
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Bitcoin (BTC) held steadfast above $66,000 following the Federal Open Market Committee’s (FOMC) decision to maintain interest rates at 5.25%—5.50%, marking the eighth consecutive meeting without change.
While the decision aligned with market expectations, the key highlight was Fed Chair Jerome Powell's dovish tone, indicating potential policy easing in 2024's second half. Powell demonstrated cautious optimism about disinflation progress resuming later in the year.
The Fed's meeting underscored its commitment to guiding inflation towards the 2% target while supporting solid economic activity. Emphasis was placed on closely monitoring employment and pricing stability, with future rate decisions to be data-driven and made on a meeting-by-meeting basis
Bitcoin's relative stability post-announcement indicated that the market had already priced in the Fed’s decision. Analysts posit that the $70,000 range could soon be within Bitcoin's reach as the market looks forward to stability and growth.
Source: beincrypto.com ↗
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