Bitcoin rises on FOMC decision, Is the next target $73,800?

“Bitcoin bounces back with a burst of green, surging 8% in a single trading day. After a rocky week in the red, the complete turnaround from March 19’s losses is a breath of fresh air for hopeful traders. As we speak, the coin sits comfortably above the middle BB, leaving traders eager for what’s to come in the days ahead.”

“The cryptocurrency market is ablaze with excitement as the coin takes the lead, surging 8% in just 24 hours and propelling the total market value to a staggering $2.5 trillion. The bears have been left in the dust as their attempts to halt this impressive climb have failed, indicating that the bulls may have regained control and are poised to drive prices even higher in the coming days.”

Developments surrounding the following Bitcoin news events could provide a boost:

The United States Federal Reserve has just announced its decision to hold rates unchanged on March 20th. But that’s not all – they have also revealed their plans for multiple rate cuts throughout the year, backed by solid data. Despite this, rates will continue to hover between 5.25% and 5%, maintaining the same level since July 2023. This means that borrowing rates are currently at their highest point in 23 years.

As the value of Bitcoin skyrockets, the United States Securities and Exchange Commission (SEC) is ramping up its efforts to regulate the ever-growing world of cryptocurrency. In a bold statement, SEC chair Gary Gensler declared that the crypto market is teeming with non-compliant individuals and organizations. In order to combat these nefarious actors, the SEC is calling for increased funding to level the playing field.

Bitcoin Price Analysis

“Bitcoin continues to soar on its upward trajectory, with a staggering 70% increase from its January lows. And the good news doesn’t stop there – experts predict even more strength in the near future. Despite a slight dip from its all-time highs, the recent recovery on March 20 has sparked a renewed demand for this cryptocurrency.

Still, caution should be taken.

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“The market soared with a modest surge, fueled by reactive forces. But all eyes are on the possibility of a breakthrough above $68,000 by day’s end, a clear sign of bullish momentum. Meanwhile, the floor is set at $64,600, providing a safety net for any potential dips.

On the flip side, the ultimate goal and barrier lies at the record-breaking peak of $73,800, beckoning traders to reach for new heights.”

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