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Tuesday, February 7, 2023
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    HomeMarketBitcoin remains close to $17k after FOMC minutes release: Will BTC rally...

    Bitcoin remains close to $17k after FOMC minutes release: Will BTC rally soon?

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    • Bitcoin value steadied above $16,800 as US Federal Reserve officers agreed to gradual its tempo of rate of interest hikes.

    • The most recent FOMC minutes point out that US policymakers are targeted on controlling the tempo of value hikes.

    • Bitcoin may surge previous the $17k resistance stage quickly.

    BTC eyes the $17k resistance stage

    America Federal Reserve lately launched minutes from the Federal Open Market Committee for December. Fed members agreed {that a} restrictive coverage stance would must be maintained for now till the incoming knowledge supplied confidence that core inflation was on a sustained downward path again right down to 2%.

    This latest cryptocurrency news noticed Bitcoin, the world’s main cryptocurrency by market cap, keep its value above the $16,800 stage during the last 24 hours. It has misplaced lower than 1% of its worth, and the price of Bitcoin now stands at $16,834. 

    The broader crypto market can be recovering from its latest hunch. At press time, the whole cryptocurrency market cap stands at $819 billion, up by lower than 1% within the final 24 hours.

    Key ranges to look at

    The BTC/USD 4-hour chart is bullish as Bitcoin has held its floor above the 50-day Exponential Transferring Common (EMA) at $16,714 over the previous few days. 

    The MACD line is above the impartial zone, indicating that the main cryptocurrency has preserved its downward development from the standpoint of realised value. The 14-day RSI of 61 additionally reveals that extra bulls controlling the market may see BTC enter the overbought area. 

    If the bullish momentum will increase, BTC may surge previous the primary main resistance stage at $17,145 over the subsequent few hours. Nevertheless, Bitcoin may battle to surpass the second main resistance stage at $17,485 within the brief time period, until it good points assist from the broader crypto market. 

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