Bitcoin Price Prediction as US Fed Interest Rate Decision is Announced – Can BTC Pump Up 50% This Week?
Following the release of the Fed rate hike decision, which is strengthening the US dollar and eventually causing a drop in BTC price, Bitcoin price prediction has turned bearish. Bitcoin price reached a high of $18,400 before a negative reaction. Now, BTC is trading close to a crucial support level, with a possible rebound if prices go over $17,550.
The global crypto market cap declined 1.42% to $857.98 billion on the previous day, as major cryptocurrencies plummeted early on December 15. The entire cryptocurrency market volume over the last 24 hours is $45.67 billion, a 14.40% decline.
DeFi's total volume is currently $2.94 billion, accounting for 5.49% of the entire 24-hour volume in the crypto market. The overall volume of all stablecoins is now $53.26 billion, accounting for 99.53% of the total 24-hour volume of the crypto market.
On Wednesday, the Federal Reserve Board voted to raise interest rates by 0.5 percentage points, a lesser increase than in recent months. After an extraordinary year that included seven consecutive rate hikes as part of an aggressive push to try to bring down the highest inflation since the early 1980s, the central bank has decided to shift gears and raise rates.
The rate hike approved by the Federal Reserve on Wednesday was smaller than the four consecutive three-quarter point hikes approved at previous Fed meetings, but it was still twice as large as the central bank's customary quarter-point increase, and it will likely worsen the financial damage for millions of American businesses and households by increasing the cost of borrowing.
Fed officials have decided to raise the rate that banks charge each other for overnight lending to a range of 4.25-4.5%, the highest rate since 2007.
The Federal
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