Bitcoin Rallies On FOMC Decision, Next Target $73,800?

Bitcoin is in green again, adding 8% in the past trading day. Although BTC remains in red in the last week, the complete reversal of March 19 losses is refreshing for optimistic traders. At the time of writing, the coin is trading above the middle BB, and traders expect even more in the days ahead.

So far, the coin is leading the crypto charge, adding 8% in 24 hours and driving the total market cap by the same margin to over $2.5 trillion. The failure of bears to counter the move signals that buyers might be back and likely to push prices higher in the days ahead.

The developments around the following Bitcoin news events could fuel the leg up:

• On March 20, the United States Federal Reserve held rates unchanged. It kept plans for multiple rate cuts in the year and provided data cooperated. Rates remain within the 5.25% and 5% range, the same level since July 2023. At current levels, borrowing rates are the highest in 23 years.
• As Bitcoin pulls higher, the United States Securities and Exchange Commission (SEC) wants more funds to regulate crypto. Its chair, Gary Gensler, said the sector is “rife with non-compliance.” Accordingly, they need more funds to “meet the match of bad actors.”

Bitcoin Price Analysis

BTC/USD is still in an uptrend. It is up roughly 70% from January lows, with signals pointing to even more strength.

After shrinking by about 20% from all-time highs, the recovery on March 20 could catalyze demand. As it is, traders can look for long opportunities, building on recent gains.

Still, there should be caution.

The leg up was with relatively low volume, meaning the expansion was reaction-driven. Even so, a close above $68,000 by the end of the day will be seen as net bullish.

Support lies at $64,600. On the other hand, immediate resistance and target is at all-time highs of $73,800.