The post Why Crypto Market is Up Today? appeared first on Coinpedia Fintech News
Despite originally reacting negatively to the recent Federal Open Market Committee (FOMC) meeting of the US Federal Reserve, Bitcoin, and the broader crypto market have experienced an impressive upswing.
A Turning Point in Monetary Policy
The crypto market’s resurgence might be attributed to the belief that, despite Fed’s Jerome Powell’s hawkish remarks, the Fed will pause rate hikes during its next FOMC meeting on June 14.
In March, most FOMC participants indicated that the final rate for this tightening cycle would be between 5% and 5.25%—precisely where the fed funds rate landed after the recent meeting.
Market Dynamics and Technical Analysis
Risk assets often benefit from dovish monetary policy, as it leads to increased liquidity in the financial system. Since March 17, Bitcoin’s price has been trading in a head and shoulders pattern, generally considered a bearish signal.
Currently, the
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