Bitcoin Price Prediction as BTC Revisits $24,000 Zone – Here's the Next Support Level to Watch

cryptonews.com:

As Bitcoin's price revisits the $24,000 zone, many investors and traders are wondering what the future holds for the cryptocurrency. The recently released minutes from the Federal Reserve's Federal Open Market Committee (FOMC) meeting held on January 31-February 1 indicate a mix of hawkish and dovish perspectives among its members. However, there was no indication of a pause in the US central bank's ongoing rate hiking cycle.

The recently released meeting minutes from the Federal Reserve indicate that while there are some signs of inflation slowing down, it is not enough to negate the need for future interest rate hikes. Although the January 31-February 1 meeting ended with a smaller rate increase than previous ones, officials emphasized that inflation remains a major concern. 

The minutes stated that inflation "remained well above" the Fed's 2% target, and this was compounded by "very tight" labor markets, leading to continued upward pressure on wages and prices. 

Therefore, the Fed raised the fed funds rate by 0.25 percentage points, the smallest increase since the tightening cycle began in March 2022, resulting in a target range of 4.5%-4.75%. However, the minutes also revealed that the slower pace was accompanied by a high degree of anxiety that inflation remained a threat.

The Federal Reserve's decision to raise interest rates and their concerns about inflation may have an impact on the Bitcoin and cryptocurrency market. As the Fed tightens monetary policy, it could lead to a decrease in liquidity and a strengthening of the US dollar, which could negatively impact the price of Bitcoin and other digital assets. 

On the other hand, some investors view Bitcoin as a hedge against inflation and may choose to invest in it as a