Bitcoin Stays Above $75K Despite Fed Rate Hike and Hawkish Guidance
Bitcoin has managed to hold its ground above $75,000 despite the Federal Reserve's decision to raise interest rates by 25 basis points and deliver hawkish guidance on inflation. Fed Chair Kevin Warsh stated that the economy is strengthening, financial conditions are not clearly restrictive, and the central bank remains focused on bringing inflation back to its 2% target.
The $75,000 level has become a crucial support zone for Bitcoin, and if it holds, buyers may get another chance to challenge $77,000 to $78,000. However, a sustained break lower would shift attention towards the $71,500 to $73,600 support zone.
The Fed's decision was widely anticipated, which helped explain why Bitcoin did not immediately collapse after the announcement. Warsh emphasized that inflation remains a top concern for policymakers, and they must be confident that it is moving towards its 2% objective before easing their focus on price stability.