Bitcoin remains close to $17k after FOMC minutes release: Will BTC rally soon?

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  • Bitcoin price remained stable above $16,800 as US Federal Reserve officials agreed to slow down the pace of interest rate hikes.

  • The latest FOMC minutes indicate that US policymakers are focusing on controlling the pace of price increases.

  • Bitcoin may soon overcome the $17k resistance.

BTC Eyeing $17k Resistance Level

The United States Federal Reserve recently released the Minutes from the Federal Open Market Committee for December. Fed members agreed that a restrictive policy stance would need to be maintained until incoming data provided confidence that core inflation was on a sustained downward path to 2%.

it Latest Cryptocurrency News Bitcoin, the world’s leading cryptocurrency by market cap, saw its price remain above the $16,800 level over the past 24 hours. it has lost less than 1% of its value, and bitcoin price Now stands at $16,834.

The broader crypto market is also recovering from its recent slump. At press time, the total cryptocurrency market cap is $819 billion, up less than 1% over the past 24 hours.

key levels to watch

The BTC/USD 4-hours chart is bullish as bitcoin has held ground above the 50-day exponential moving average (EMA) at $16,714 over the past few days.

The MACD line is above the neutral zone, indicating that the leading cryptocurrency has maintained its downtrend from an actual price perspective. The 14-day RSI of 61 also shows that more bulls controlling the market could see BTC move into overbought territory.

If the bullish momentum sustains, BTC could move above the first key resistance at $17,145 in the coming hours. However, bitcoin may struggle to overcome the second key resistance level at $17,485 in the near term unless it finds support from the broader crypto market.

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