Fed Hike Fully Priced In: Bitcoin Sees Strong Consolidation and Steady Rebound
The Federal Reserve's interest rate hike by 25 basis points has been fully priced in by the market, and Bitcoin (BTC) is continuing its upward trend. After a deep pullback due to rate hike panic and negative legislative developments, BTC dropped to as low as $74,900.
However, all bearish sentiment was already fully released before the decision, and now that major macro uncertainties have been resolved, capital is starting to flow back in to bottom fish. The market has shifted to a strong consolidation and steady rebound phase.
The overnight action shows a sustained upward consolidation structure with a small ascending channel forming. Both BTC and Ethereum (ETH) are showing clear signs of bullish strength, and long positions placed at low levels during this round are in profit.