The price of Bitcoin (BTC) rose considerably yesterday, Wednesday, following the announcement of a rate hike by the US Federal Reserve (FED).
Despite the fears of traders and analysts earlier this week, the price of Bitcoin is back above $22,000. Indeed, BTC/USD rose from around $21,600 before the Fed’s announcements to $23,415 overnight, an increase of around 8.45% in a few hours.
Furthermore, the BTC/USD broke through its 100 and 200 hour moving averages, which is a positive signal. In addition, the BTC/USD is back at the 200-week moving average (MA), which is around $22,800. According to traders and analysts, yesterday’s rise could potentially confirm the start of a bullish recovery.
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