At the time, Bitcoin (BTC) was able to stay around $23,000. After the Federal Reserve decided to raise interest rates by 25 basis points, BTC went on to reach a record high of more than $24,000.
Later today, the US January nonfarm payrolls are expected to be released, which could have a big effect on the price of BTC.
The latest move by the US Federal Reserve has had a big effect on the market for cryptocurrencies. After the Fed said it would only raise interest rates by 25 basis points, the value of Bitcoin and other digital assets went up.
On Thursday morning, BTC prices briefly went over $24,000, which was the first time in six months that this happened.
Also, traders are hesitant to make large bids because today’s non-farm payrolls (NFP) data could affect the price of bitcoin. These numbers are very important because they will affect what the Fed does next.
The strong growth in jobs is another sign that the Fed will keep its “dovish” approach in the coming meetings.
Today’s Bitcoin Price:
Bitcoin (BTC) is now worth $23,480, and $29 billion worth of trades happen every 24 hours. It is now number one on CoinMarketCap and worth about $452 billion on the market. There are a total of 21 million BTC coins, but only 19.28 million are being used right now.
On the technical side, Bitcoin is falling toward a range around $23,300 that will act as a support right away. If people keep selling, the price could fall below $23,000, where an upward trendline might offer support.
As both the RSI and the MACD show a selling trend, more selling pressure could push the BTC price toward the next support level at $22,750.
We might see a positive bounce-back in the BTC/USD pair because the 50-day exponential moving average still shows a buying trend above $23,300. If the BTC price broke through the $23,950 barrier in a bullish way, it could go up to the $24,500 level.