Daily Bitcoin Update
US FED DECISION
Bitcoin Reached 18400 before selling off to 17800 due to the market's reaction to the US Fed's decision to raise their key interest rate by 50 basis points during yesterday's session.
As we all know, the market tends to react positively in a low-interest environment. Although this key rate increase is lower than the previous quarter's 75 basis point increase, it is still a rate increase nonetheless.
TECHNICAL SIDE
The price of Bitcoin still closed slightly higher in spite of the selloff during yesterday's session which means that there's still a certain level of interest in this asset.
I added more units today at 17899.23. I set my key support level at 16000 while my key resistance price is set to 21200.
Bitcoin Reached 18400 before selling off to 17800 due to the market's reaction to the US Fed's decision to raise their key interest rate by 50 basis points during yesterday's session.
As we all know, the market tends to react positively in a low-interest environment. Although this key rate increase is lower than the previous quarter's 75 basis point increase, it is still a rate increase nonetheless.
TECHNICAL SIDE
The price of Bitcoin still closed slightly higher in spite of the selloff during yesterday's session which means that there's still a certain level of interest in this asset.
I added more units today at 17899.23. I set my key support level at 16000 while my key resistance price is set to 21200.
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