Bitcoin Price Continues to Move Sideways Below Resistance at $28.2K As the Market Awaits the Fed Tomorrow.
BTC Price Update.
The price of Bitcoin continues to move sideways below the $28.2K resistance that was first rejected last weekend.
However, it seems clear that the Bulls have taken control of the Bitcoin price from the Bears since the weekly close above $26.8K on the week of March 19, 2023.
The day of March 20, 2023, was marked by further desperate attempts by the powerful in the current system to save the system. From the Fed to the ECB to the Bank of England, all of the world's largest central banks have stepped up to the plate to save the system with a unified response.
On the agenda is the return of unlimited QE. Whether it is called that or not, that is what is in store.
We will see if this will be enough to restore confidence in the banking system in the short term, but I have strong doubts, as we see more and more bank runs in regional banks in America.
It also seems clear that everything will depend in the short term on what Jerome Powell will announce tomorrow, March 22, 2023, at the end of the second Fed FOMC Meeting.
Investors are now expecting a 25 basis point rate hike with a 76% probability:
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