Bitcoin futures traders liquidated shorts after today’s Fed FOMC comments aligned with the market consensus.
Bitcoin (BTC ) price popped to the upside following FOMC confirmation that the Federal Reserve would leave interest rates unchanged from its current target range of 4.25% to 4.5%.
Although Fed chair Jerome Powell and policymakers conceded that inflation remains “somewhat elevated,” the central bank chose to take a wait-and-see approach, leaving all options open regarding its monetary policy in the short term.
At the outset, Bitcoin price declined alongside the S&P 500, DOW and QQQ before reversing course to hit an intra-day high near $104,782, but charts suggest that the move is likely to fade. Data from Velo.data shows the price move was primarily driven by activity within the futures market where an uptick in Bitcoin’s funding rate happened as traders positioned short were liquidated to the tune of $15 million over the past hour.
Read more,# Bitcoin Futures Get a Boost From Fed Meeting: Traders Liquidate Shorts
## Key Points:
– Bitcoin (BTC) price surged after the FOMC confirmed interest rates will stay steady at 4.25% to 4.5%.
– Fed chair Jerome Powell admitted inflation is “somewhat elevated” but is taking a cautious approach (a.k.a. “the waiting game”).
– Initially, Bitcoin slumped with major indices (S&P 500, DOW, QQQ), but then bounced back to hit a lofty $104,782.
– A surge in the futures market saw short-sellers getting liquidated to the tune of $15 million in just one hour!
## Hot Take:
Looks like Bitcoin’s ride on the Fed express just hit the turbo boost button, but let’s not pop the champagne yet—the bulls might be feeling froggy, but the charts say this leap could just be a short-lived jump! Always keep your eyes peeled, folks! #Bitcoin #FOMC #LiquidationCelebration
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Original article: https://cointelegraph.com/news/bitcoin-rallies-to-104-7-k-after-fed-fomc-nothing-burger-lines-up-with-market-expectations?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
