BTC Price Shrugs Off 75 Pts Rate Hike
The Bitcoin price prediction is looking bullish once again as the BTC price appears unfazed by the recent rate hike. On Wednesday, US FED announced a rate hike of 75 basis points after the conclusion of the July FOMC meeting. The markets reacted immediately by turning green, signalling that the FED announcement was already priced-in. At the time of writing, Bitcoin is trading at $23,167 after gaining 9.1% in the past 24H.
Earlier this month, Bitcoin price surged to $24,276 amid an overall market recovery. However, the price started to plummet days before the FOMC meeting as many analysts predicted rate hikes of up to 125 points. Therefore, the markets took the announced hike very well as almost all the major indexes surged immediately.
According to Bitcoin news this week, the largest fintech bank in Latin America, Nubank, now boasts more than 1 million crypto users. Nubank is a Brazilian neobank that launched Bitcoin and crypto trading services a month ago.
It is also worth mentioning that the Bitcoin mining hashrate has increased by 20% since the start of the year. The network now boasts a hashrate of 201 million TH/s. The same figure was sitting at only 168 million TH/s at the end of 2021.
Bitcoin Price Prediction
Technical analysis of the BTC price chart shows that the coin has successfully retested the upwards trendline at the 4H timeframe. This move was followed by a strong bounce which went bonkers after the conclusion of the FOMC meeting. The coin has even broken above the Monday high, signalling further upside. If the price gets confirmation above $22,666, it may surge to the previous high of $24,270 within no time. Such a move can also validate our Bitcoin price prediction of $27,000 in the short to mid-term.
After yesterday’s sudden price surge, many LTF indicators look overextended. Therefore, a minor pullback in prices cannot be ruled out. In case of such a pullback, $21,900-$22,200 seem to be nice long entries. However, a tight stop loss must be kept below the Monday low of $21,250. If you’re buying Bitcoin for the first time, the best places to buy it are Binance, Coinbase & BYBIT.
BTC USD 4H Chart
