Bitcoin rallies to $104.7K after Fed FOMC ‘nothing burger’ lines up with market expectations
Bitcoin futures traders liquidated shorts after today’s Fed FOMC comments aligned with the market consensus.
Bitcoin (BTC) price popped to the upside following FOMC confirmation that the Federal Reserve would leave interest rates unchanged from its current target range of 4.25% to 4.5%.
Although Fed chair Jerome Powell and policymakers conceded that inflation remains “somewhat elevated,” the central bank chose to take a wait-and-see approach, leaving all options open regarding its monetary policy in the short term.
At the outset, Bitcoin price declined alongside the S&P 500, DOW and QQQ before reversing course to hit an intra-day high near $104,782, but charts suggest that the move is likely to fade. Data from Velo.data shows the price move was primarily driven by activity within the futures market where an uptick in Bitcoin’s funding rate happened as traders positioned short were liquidated to the tune of $15 million over the past hour.
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Author: Big Smokey
