Within the last 24 hours, the market witnessed a significant rally in the Bitcoin price, which soared by 10% from a daily low of $60,805 to a peak of $68,250. This remarkable price movement can be attributed to several key factors, including yesterday’s Federal Open Market Committee (FOMC) meeting, a notable change in the Coinbase Premium, and Bitcoin’s technical breakout from a downtrend channel.
#1 FOMC Meeting: Dovish Remarks By Jerome Powell Fuel Optimism
As reported yesterday, the macro environment came back into focus for Bitcoin and crypto following the hotter than expected Consumer Price Index (CPI) and Producer Price Index (PPI) inflation data in the US. Investors seemed to have de-risked their positions prior to the FOMC event. However, investors got a favorable outcome.
The pivot point for Bitcoin’s rally can be traced back to the Federal Reserve’s latest FOMC meeting, where Chairman Jerome Powell delivered a speech that the market interpreted as dovish.
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