• Bitcoin price steadied above $16,800 as US Federal Reserve officials agreed to slow its pace of interest rate hikes.
• The latest FOMC minutes indicate that US policymakers are focused on controlling the pace of price hikes.
• Bitcoin could surge past the $17k resistance level soon.
The world’s leading cryptocurrency, Bitcoin, recently maintained its price above the $16,800 level over the last 24 hours, with the United States Federal Reserve recently releasing minutes from the Federal Open Market Committee for December. The latest cryptocurrency news saw the price of Bitcoin now stands at $16,834 and the broader crypto market is also recovering from its recent slump.
The minutes from the Federal Open Market Committee showed that Fed members agreed that a restrictive policy stance would need to be maintained for now until the incoming data provided confidence that core inflation was on a sustained downward path back down to 2%. This news saw Bitcoin remain close to the $17,000 resistance level and the total cryptocurrency market cap stands at $819 billion, up by less than 1% in the last 24 hours.
The BTC/USD 4-hour chart is bullish as Bitcoin has held its ground above the 50-day Exponential Moving Average (EMA) at $16,714 over the last few days. At press time, the MACD line is above the neutral zone, indicating that the lead crypto is primed for a surge past the $17k resistance level soon.
One of the key factors that could determine Bitcoin’s next move is the US inflation rate. US inflation rate has been on a steady rise since the beginning of the year, with the annual inflation rate now standing at 2.6%. This could be the trigger that Bitcoin needs to break the $17k resistance level.
In addition to this, the recent news of a new stimulus package being passed by the US government could also act as a catalyst for Bitcoin’s rally. The news of the stimulus package also saw the US stock market reach new highs, with the Dow Jones Industrial Average closing above 30,000 for the first time in history.
In conclusion, Bitcoin remains close to the $17k resistance level despite the recent FOMC minutes release. With the US inflation rate on the rise and the news of a new stimulus package, Bitcoin could surge past the $17k resistance level in the near future.