- Bitcoin price rises due to FOMC statement anxiety.
- BTC has been on an upward trend in the preceding 24 hours, according to recent statistics
- Technical signs indicate that a prolonged bull run is on the horizon.
The bulls remained in charge of the market throughout the day after invalidating the short-lived momentum that had succeeded in pushing prices to $17,412.19. As of press time, this upward momentum has managed to value Bitcoin (BTC) prices at $17,888.92, representing a 2.51% boost.
With the anticipated interest rate hike, the BTC market has seen increased purchasing pressure, with trading volume increasing by 9.77% to $22,941,703,396 and market capitalization increasing by 2.20% to $342,843,373,129. This move bolsters the BTC market’s tenacity as well as the much-anticipated Federal Open Market Committee (FOMC) announcement.
The Technical Rating indicator suggests that the purchasing pressure in the TRX market is building, highlighting a long position order, because a “strong buy” signal with a rating of 0.35 appears on the 4-hour price chart.
The True Strength Index achieves a bullish crossover on the price chart with a value of 43.9298, crossing the signal line in the positive area. If TRX bulls do not exhaust themselves in the short term, this movement indicates a continuing bullish run.
Rising Bollinger Bands and widening bands represent the progress of a bull market, as shown in the BTC price chart, where the upper band now sits at $18042.29 and the lower band sits at $16658.84. The fact that prices have been creeping up toward the top band is another hint that the present market trend may continue.
With a Stoch RSI of 100.00, the BTC market is in the overbought zone, signaling the conclusion of the recent bullish run. However, this does not guarantee a price drop and rather advises investors to be vigilant.
If the bulls can hold the resistance level, the King coin might see even more euphoric supremacy.
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