Bitcoin rallies on the heels of FOMC meeting

BTC traded higher today currently as of 4:00 PM, EDT is trading at $40,820 according to Coinbase. 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 seems 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 1st, we hit a high of approximately $45,000. On March 9th, we made a high of $42,700, and today’s high at $41,700 is below that. Although in the last half hour, we are seeing some bullish signs out of the crypto markets, we have got a way to go before we can be absolutely bullish.

If we see pricing break above the high of March 9th at $42,700, 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.