Bitcoin Price Wakes Up Post FOMC<\/h2>\n
It appears that the decision by the United States Federal Reserve to leave interest rates unchanged between 5.25% and 5.5% on Wednesday affirmed the positive outlook in the market since October.<\/p>\n
Jerome Powell, the Fed chairman reiterated that the bank is \u201cstrongly committed\u201d to bringing down inflation.<\/p>\n
\u201cRecent indicators suggest that economic activity has been expanding at a strong pace \u2013 well above earlier expectations,\u201d Powell said during the meeting.<\/p>\n
The majority of the committee members believe that there is a need for another rate hike before the year ends while keeping a tight monetary policy in the foreseeable future.<\/p>\n
Bitcoin price resumed the uptrend following the\u00a0FOMC meeting<\/span><\/a>, rallying above $35,000 to trade at a new yearly high. Up 3.3% in the last 24 hours, BTC is trading at $35,383.<\/p>\n Altcoins like\u00a0Ethereum<\/span><\/a>,\u00a0Cardano<\/span><\/a>, and\u00a0Solana<\/span><\/a>\u00a0followed suit, bringing to life their uptrends to trade 2.1%, 7.8%, and 13.2%, respectively higher on the day.<\/p>\n Bitcoin upholds support above $35,000 allowing for consolidation to take place ahead of another macro uptrend. According to trader and analyst, Rekt Capital, as long as Bitcoin stays above support at $34,800, the next target lies between $36,500 and $37,000.<\/p>\n #Bitcoin<\/a> breaks out and reaches a new yearly high.<\/p>\n Not a massive breakout, but as long as we stay above $34.8K, the next target is $36.5-37K.#Altcoins<\/a> to follow after. pic.twitter.com\/3aCKwvoGXq<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) November 1, 2023<\/a><\/p>\n<\/blockquote>\n He is of the opinion that \u201cthe bear market is behind us\u201d and predicts that projects in the decentralized finance (DeFi) sector could soon begin to rally.<\/p>\n #Bitcoin<\/a> still consolidating above $35,000. <\/p>\n Slowly, but surely, more #DeFi<\/a> projects start to rally. <\/p>\n I wouldn\u2019t be surprised if we get a renewed DeFi summer in 2024. <\/p>\n The bear market is behind us.<\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) November 2, 2023<\/a><\/p>\n<\/blockquote>\n The Relative Strength Index (RSI) at 72 although beginning to be overbought could stretch higher toward the 100 mark, as it is the norm with bullish markets. In other words, as long as it sustains the uptrend, BTC price would be inclined to keep the rally intact.<\/p>\n Traders should be aware of an incoming bullish cross which would reinforce the bulls\u2019 growing influence. This bullish pattern occurs when a short-term moving average flips above a long-term moving average. For instance, the 100-week EMA (blue) reaching out to cross above the 200-day EMA on the weekly chart.<\/p>\n Bitcoin\u2019s rally started in October and now it has spilled into November. Investors believe that this recovery will continue unless an outside force emerges \u2014 more like Sir Isaac Newton\u2019s third law of motion.<\/p>\n In their latest note to customers, researchers at crypto services platform Matrixport implied that Bitcoin price has the potential to keep moving upward over the next two months in what they described as the \u201cSanta Claus Rally.\u201d<\/p>\n \u201cAs bitcoin tends to reach its peak by December 18th, we could call the six to seven weeks from early November to mid-December Bitcoin\u2019s Santa Claus Rally,\u201d Matrixport report stated.<\/p>\n The remarkable rally to above $35,000 can majorly be attributed to optimism surrounding the potential greenlighting of spot ETF proposals by the SEC. Matrixport believes\u00a0Bitcoin can rally<\/span><\/a>\u00a0by more than 65% before December 31 which means it could end the year upwards of $65,000.<\/p>\n \u201cBased on these statistics, bitcoin continues to offer upside potential, and a +65% year-end rally would lift prices back to $56,000,\u201d the researchers added in the note.<\/p>\n The post Bitcoin Price Prediction: Will Year-End Rally Lift BTC To $56k?<\/a> appeared first on CoinGape<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The cryptocurrency market is back in the green after several days of doldrums, which\u00a0Bitcoin (BTC) price\u00a0used to consolidate the gains and collect more liquidity. Investors also took the opportunity to accumulate more BTC with the dips to the support at $33,000 ahead of the next bull run. Bitcoin Price Wakes Up Post FOMC It appears […]<\/p>\n","protected":false},"author":2,"featured_media":185974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-185973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=185973"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185973\/revisions"}],"predecessor-version":[{"id":185978,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/185973\/revisions\/185978"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/185974"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=185973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=185973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=185973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Is The Bear Market Behind Us?<\/h2>\n
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![\"Bitcoin](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/BTCUSD_2023-11-02_15-26-04.png\")
<\/a>Can Bitcoin Price Hit $56k By Year-End?<\/h2>\n
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