Bitcoin retreats below $18k as Fed raises interest rate to a 15-year high

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  • Bitcoin has once again fallen below $18k after its rally earlier this week.

  • The Federal Reserve raised interest rates by half a point a few hours ago.

  • The total crypto market cap remains above $800 billion.

The Federal Reserve has raised interest rates once again

The Federal Reserve announced this on Wednesday raised its benchmark interest rate Highest level in 15 years. Thus, it shows that the fight against inflation is far from over in the United States.

The interest rate was raised by half a point, taking it to a target range of between 4.25% and 4.5%. This Latest Cryptocurrency News Take a stop on bitcoin’s recent rally. The leading cryptocurrency is down less than 1% over the past 24 hours and is now trading below $18k. at press time, bitcoin price stands at $17,737.

The broader crypto market is also underperforming, having lost more than 1% of its value in the past 24 hours. The total cryptocurrency market cap is now around $860 billion.

key levels to watch

BTC/USD remains bullish on the 4-hours chart despite Bitcoin’s weak performance over the past 24-hours. In the last seven days, BTC has increased its value by more than 5%.

The MACD line remains above the neutral zone, indicating that the bulls have not relinquished control of the bitcoin market. The 14-day Relative Strength Index of 54 also shows that bitcoin has not yet entered oversold territory.

If the bears take greater control, bitcoin could decline below the $17,090 support in the coming hours. However, the bulls are still maintaining a level of control, and BTC is likely to recover from this minor decline. If this happens, BTC could soon trade above $18k again.

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