After the Fed hiked interest rates by 25 basis points, Bitcoin ( BTC) took action and rose to $ 29,700.
US Federal Reserve ( Fed ), announced the interest rate decision for the month of May. Realizing the decision in line with the expectations of the markets, the Fed increased the interest rates by 25 basis points. However, interest rates in the USA came to 5.5 points. During the hours when the interest rate decision was announced, there was volatility in BTC. After the decision was announced as 25 basis points, BTC started to rise suddenly and touched $ 29,700. But how is the BTC chart progressing currently?
Bitcoin (BTC) chart rating
BTC, which touched $ 28,900 with the breakdown of $ 29,500, made an attack at $ 29,700, finding strength from the Fed’s interest rate decision. However, the fact that this value is the upper point of a resistance area naturally increased the selling-side transactions. BTC, which was withdrawn with the weight of the sellers, is currently trading at $ 29,428.
The critical resistance that must be overcome in order to observe the rises on the BTC side is $ 29,700. After the break of this level, increases to 30,300 – 31,430 and 32,400 dollars can be targeted, respectively. Continuing to price under regulatory pressure, various FUD news or resistance could bring BTC to $28,900 – $28,000 – $27,467 and $26,810, respectively.
