Bitcoin Rallies on the Heels of FOMC Meeting

On the heels of the Federal Reserve’s monthly FOMC meeting and Bitcoin is appearing to have entered a short-term rally, with prices quickly approaching the highs of the day at $41,730. It appears the Fed’s seemingly more hawkish tone is giving a boost to Bitcoin.

Even with the rally currently underway we have to acknowledge that Bitcoin has found resistance at lower levels over the course of the month. On March 1^st we hit a high of approximately $45,000. On March 9^th we made a high of $42,700 and today’s high at $41,700 is below that. Although the in the last half hour we are seeing some bullish signs out of the crypto markets we really have got a way to go before we can be absolutely bullish.

If we see pricing break above the high of March 9^th at $42,700 than we can become a little more bullish in Bitcoin, with the brass ring still remaining at $44,275 (the 61.8% retracement). Although it does bode well that the digital asset is rallying after the perceived hawkish FOMC meeting as it means that Bitcoin may still be able to perform well in spite of monetary tightening.

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