Bitcoin (BTC) price rises above $67,000 as Fed rates remain flat

-->Bitcoin is on the rise again after the sharp correction last week. At the time of writing, the price is back above $67,000, a double-digit increase in the past 24 hours. The fact that America’s central bank, the Federal Reserve (Fed), is not raising interest rates is new fuel for the cryptocurrency.

Bitcoin price rises 12%

The bulls are recovering with a price that is 12% higher than 24 hours ago. The reason is the meeting of the Federal Open Market Committee (FOMC), in which it was decided to maintain the current interest rate levels. According to Fed Chairman Jerome Powell, it is “appropriate” to implement interest rate cuts later in the year. “Interest rate cuts are not yet necessary until there is more confidence that inflation will move sustainably towards two percent,” the press release reads.

The price shot from $60,760 to $68,249 on the Bitstamp chart, reversing previous losses. This is clearly visible in the graph that analyst Matthew Hyland shares on X. In another tweet he shows that the RSI also is relatively lowa sign that the market is not overheated.

#Bitcoin Daily closes above resistance and engulfs the prior candle: pic.twitter.com/P5Y16BUlGG

— Matthew Hyland (@MatthewHyland_) March 21, 2024

Today’s goal is to stay above $65,300, says analyst and trader Jelle at X. Once that happens, a similar cycle like 2021 could happen.

There we go, #Bitcoin is going for the higher low as expected.

Today’s objective: hold above $65,300.

Do that- and a reclaim of the 2021 cycle highs is on the menu. pic.twitter.com/Rd6AXLcfAy

— Jelle (@CryptoJelleNL) March 21, 2024

The losers of the day are the traders who had a short position. According to data from Coinglass, tens of millions of dollars have gone up in smoke.

Bitcoin ETFs See Third Day of Outflows

At the same time, there are outflows from American spot bitcoin exchange-traded funds (ETFs). According to figures from the British investment company Farside, millions of dollars mainly flowed from Grayscale Bitcoin Trust (GBTC), while money flowed to other bitcoin funds. Analysts remain optimistic despite these outflows.

Massive bounce on #Bitcoin initiating continuation here.

I think we’ll be consolidating, and, given the strong bounce, have another run to the all-time high pre-halving. pic.twitter.com/CfPbnNOJTS

— Michaël van de Poppe (@CryptoMichNL) March 21, 2024

According to Samson Mow, CEO of crypto company JAN3, we will automatically see a net inflow into ETF funds again.

All #Bitcoin ETF outflows will eventually become inflows. Plan accordingly.

— Samson Mow (@Excellion) March 21, 2024