Investors Expect Interest Rate Raise To Subsist, Situation Not Favorable For Crypto

At last, people got to witness the result of the Federal Reserve’s continuous remarks about the increased interest rate.

This was quite clear after the meeting held on Wednesday with the Fed authorities. During the meeting, they mentioned that the increased interest rate will continue to exist.

There were a few advantages and disadvantages to some because of the meeting. Apparently, the benefits experienced by the traditional marketplace were taken back, which was bad for Dow and S&P.

On the other hand, it was good for NASDAQ because they experienced an increase of 0.13% prior to the bell towards the end.

As per research, the negativity experienced by BTC was witnessed before the meeting was held. This was seen on Wednesday after the crypto kept decreasing since the opening time.

It eventually fell to $23,585, prior to increasing to $23,800.

Jim Wyckoff is a worker at Kitco; he is the senior technical analyst. Wyckoff passed remarks about the situation.

He said that this was predicted earlier because of the circumstances. Apparently, they knew the prices would fall in March.

He was not taken aback by the decrease in the price level. It was considered commonplace by him. This was because of an increase in price in the near future being predicted by their chart.

This depicted Wyckoff’s confidence in the position of the Bulls.

CEO Outlines Bullish and Bearish Scenarios for Bitcoin

Michaël van de Poppe is the CEO of Eight Global. He also had things to say about the ongoing situation.

Poppe said that the market is working on the errors, and reminded people to keep a positive outlook.

He said that usually crypto users experience confusion and bewilderment when something like this happens. It is quite evident on social media platforms amongst groups of people.

Poppe said that people become happy when there is positive news, but as soon as something minor happens people create an uproar.

They even go to the lengths of saying that they will formulate laws concerning the market, which does not make sense to Poppe.

As per the bullish thinking in regards to Bitcoin, some people will profit from this, whereas a few users will not. At this point, the trading of Bitcoin is quite low and it seems to be strengthening.

The CEO said that they are expecting the BTC price range to go higher, and for it to halt at that point. The price range he gave was around $25,300 for a breakout.

He said that people should not get frustrated because this will not be resulting in a huge impact.

It will only begin to get worrisome if the price manages to fall below the established low, i.e. $21,400. Though, even this is a good position.

He believes that Bitcoin has the potential to remain strong amidst the chaos. Also that it has been continuously correcting its flaws since the beginning.

He provided several reasons in order to persuade the public about staying confident in regard to BTC. People assumed for the price to go to extreme levels, but the CEO passed a remark about this.

Poppe said that something significant would have to occur for the price to go to an extreme. Also, ever since the bankruptcy of FTX, the level has not experienced a drastic change as such.

Although, he said that the downward trend in prices could possibly happen if the price level goes up to $21.4k. He provided a strategy for people in case this happened.

Poppe said that breakout investors will start taking part when the price increases.

This would provide the opportunity for whales to trick the investors, which can be done by the price going back to the level following the breakout.

Then after the range is back to its original position, the CEO said that he will take appropriate measures to handle it.

Altcoins Experience Correction

Following Bitcoin, the altcoin market also experienced a correction, such as ACH, RSK, etc.

At this point, the crypto marketplace is at $1.083 trillion, which means that they are dominating at the rate of 42.4%.

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