Bitcoin eyes $28,000 after a major breakout from the 1D 50 EMA resistance with a good volume. The Crypto market looks bullish on the low timeframe as major cryptocurrencies and altcoins gain relief bounces. Market Dumps Ahead Of FOMC Meeting The major buzz around the financial market over the past few days was focused on the FOMC. This has led to major cryptocurrencies dropping from key supports and resistance, with the likes of Bitcoin trading at around $20,700 and Ethereum going down to $1,376. Related Reading: Bitcoin Slips To 1-Week Low Ahead Of Fed Hike Rate Decision Before the FOMC meeting, rumors of a hike in rate led to the crypto market bouncing, with BTC rising to $22,000. On Wednesday, the Federal Open Market Committee (FOMC) raised its interest by 0.75% marking the highest rate increase since the 1980s. The Federal Reserve Chairman Jerome Powell stated, “unusually large increase could be ideal in future meetings and a period of economic slowdown will be vital to bring back price stability.” Major cryptocurrencies in the market after the news have seen a good response, with BTC trading above $23,100 and approaching a crucial 1D 50 EMA resistance. Leading to many discussions in the market applauding the rally as it could signal more upsides and relieve bounces for altcoins. Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump “If 75bps gave us this pump, 100bps ...
