Bitcoin price prediction remains bullish following the release of the US Fed fund rate decision. The Federal Reserve announced that interest rates had been increased by 25 basis points, and Bitcoin, the world’s largest cryptocurrency, experienced tremendous growth in response. Since the beginning of the year, Bitcoin has been gaining traction, backed by many developments in the crypto industry, such as progress in crypto regulation and an increase in institutional investors.

Federal Reserve Raised Interest Rates

On Wednesday, the Federal Reserve increased interest rates by 0.25%, as was widely expected, signaling the need to further tighten monetary policy. The Federal Reserve assured that borrowing prices would continue to rise as part of its ongoing effort to combat inflation.

The Federal Open Market Committee (FOMC), which sets the benchmark interest rate, increased it from a range of 4.25% to 4.5% to a range of 4.5% to 4.75%.

Thus, the Federal Reserve’s newest decision was viewed as one of the positive factors that had a positive influence on the cryptocurrency market and helped Bitcoin’s growth.

Risk-On Crypto Market

As most people expected, when the Federal Reserve raised interest rates by 25 basis points, the cryptocurrency industry around the world turned green and gained a lot of steam. Meanwhile, institutional investors have played an important role in supporting the cryptocurrency market.

Also, people thought that the update to cryptocurrency regulations was a big thing that helped the crypto industry.

Grocery Retailer Pick & Pay

Pick & Pay, a grocery shop, is expanding its Bitcoin support to all its outlets across the country after a three-month trial testing phase. Pick & Pay, a South African grocery store, has expanded Bitcoin support to all 1,628 locations after a three-month trial run in 39 locations.

As part of a statewide rollout, customers can pay for items in stores with cryptocurrencies by using apps on their phones or QR codes. The conversion rate for the South African rand at the time of purchase will be used.

Is The US Dollar’s Reign Coming To An End

As expected, the Federal Reserve raised interest rates by 25 basis points and promised “continuous increases” in borrowing costs as part of its ongoing fight against inflation. This didn’t stop the broad-based US dollar from losing value, though.

According to the Federal Reserve, the US economy is experiencing steady growth and substantial job increases, but policymakers are still concerned about inflation. Therefore, the bearish US dollar was seen as one of the key factors that kept Bitcoin prices higher.

The dollar index recently traded at 101.90, decreasing by 0.17% from its previous close of 101.64. The euro was last trading at $1.09090 against the dollar, rising by 0.45%, and the dollar was last trading at 129.63 against the Japanese yen, dropping by 0.38%.

Bitcoin Price Prediction

The current value of Bitcoin is $23,734.66 and the 24-hour trading volume stands at $26 billion. Compared to yesterday’s rate, Bitcoin has seen an increase of over 3%. With a market capitalization of $457 billion, Bitcoin is the current leader in the cryptocurrency market. A total of 21 million BTC coins exist, with 19 million currently in circulation.


On the 4-hour chart, the BTC/USD is retesting the major resistance level of $24,000. If a bullish breakout above this level occurs, BTC could be exposed to the next resistance levels of $24,300 or $24,800.

The 50-day moving average of the 4-hour timeframe has developed a support level of $23,000. If this price is breached, the BTC/USD pair may experience a positive turnaround. On the lower side, Bitcoin’s immediate support is at $23,500 and an additional breakout of the $22,750 level.

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