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Cryptocurrencies rebound while waiting for the Fed: Has Bitcoin peaked?

Cryptocurrencies rebound while waiting for the Fed: Has Bitcoin peaked?

In this context, the leader of cryptocurrencies rises 0.4% in the last 24 hours and is trading around US$63,000.

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He Bitcoin seems to have left its bullish streak behind, although this Wednesday it manages to rebound slightly while awaiting news from the Federal Reserve (Fed)a signal that the entire financial market follows closely.

In that context, the cryptocurrency leader rises 0.4% in the last 24 hours and is listed at around US$63,000. All this after Bitcoin hit all-time highs last week by climbing above $73,400, although it has since lost 17.5%.

While Ethereum It rises in the same line and stands at US$3,200. The rest of the market operates with gains of up to 4% led by Binance Coin and Ripple 0.9%.

Bitcoin: what do analysts think of the current correction?

On a technical level, Bitcoin is taking a breather after drawing all-time highs at $74,415. “The current correction is standardl. For the next few sessions, it is most likely that we can see an attack at the $60,000 level. Be careful about abandoning this level of demand since, if it loses it, we do not rule out that it could extend the correction to the level of US$50,000. Its medium and long-term technical aspect is impeccable“says César, an analyst at Bolsamanía.

What is driving Bitcoin’s price rise?

The price of the cryptocurrency has been supported by the launch of Bitcoin exchange-traded funds in the USas well as the upcoming halving, an event written into the Bitcoin code, which slows down the supply of the digital currency to the market.

Digital assets are also pending the monetary policy meeting of the Federal Reserve (Fed). Although it seems clear that the US central bank will maintain interest ratess in the range of 5.25%-5.5%, the interest is focused on updating the institution’s dot diagram, which may show fewer cuts than those planned in December.

Source: Ambito

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