March 19, 2024

Cryptocurrency market froze in anticipation of the report of the head of the Fed on the key rate

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Cryptocurrency market froze in anticipation of the report of the head of the Fed on the key rate

The cryptocurrency market is experiencing a tense lull: Bitcoin rose by 0.47% and restored the level of $23,000, while  ether fell slightly in price to around $1,600.

Investors expect today's performanceUS Federal Reserve Chairman Jerome Powell will confirm that the American central bank will refrain from raising rates due to weak financial sector reporting. Although officials of the Federal Open Market Committee (FOMC) insist on raising the key rate beyond 6%.

Discrepancy between the Fed's position and the marketpricing raises investor concerns about a possible rise in inflation, as well as the technical ability of the Federal Reserve to effectively control the situation in the economy.

Commenting on the upcoming event and possiblereaction of the digital asset market, Bolsamania analyst Cesar Nuez said that the market is very far from improving the technical indicator of Bitcoin, despite the upward rally:

"We must wait to overcomeresistance at $25,270. This would be a show of strength that would raise concerns about continued growth to $29,150, the high of the bear gap recorded last June.”

According to the expert, the analysis of the situation is fair andfor Ether, which is trending sideways, below resistance at around $1 600. That is, in theory, it is capable of reaching $2035 if it overcomes this resistance level.

Earlier, CNBC financial news columnist Jim Cramer said
assumption of an upcoming rate drawdownBitcoin amid the Fed's decision. Cryptocurrency analyst Peter Brandt announced that Bitcoin, having broken through powerful resistance at $19,000, is preparing to continue rising to $25 000.