Bitcoin Struggles to Regain Momentum After US Fed’s Interest Rate Hike
Bitcoin remained relatively calm after the US Fed’s latest interest rate hike, but the past 24 hours brought a minor retracement that pushed the asset back down to just over $29,000. Most altcoins have also lost some steam today, with DOGE and MATIC losing the most value from the larger caps.
Main Breakdowns:
- Bitcoin failed to reach $30,300 and dumped to a monthly low at under $29,000 on Monday.
- The US Federal Reserve increased key interest rates by 25 bps, which initially had little effect on BTC.
- Bitcoin’s market cap has fallen to $565 billion while maintaining a dominance of 48.2% over altcoins.
Bitcoin’s week started on a negative tone as it failed to break through $30,300. However, the bulls intervened to prevent further declines and pushed the cryptocurrency to just over $29,000. The US Federal Reserve’s interest rate hike had little immediate impact on BTC, but it eventually added a few hundred dollars. Despite these efforts, the past 24 hours have seen Bitcoin retracing back to its current level of just over $29,000.
Hot Take:
Bitcoin’s failure to regain momentum after the US Fed’s interest rate hike indicates a lack of bullish sentiment in the market. The cryptocurrency’s struggle to break through key resistance levels raises concerns about its short-term prospects. As altcoins also lose value, it remains uncertain whether Bitcoin will be able to sustain its dominance over the market.
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