Bitcoin price neared $86,000 on March 20 after the US Federal Reserve’s FOMC meeting, where it decided to keep interest rates unchanged at 4.5%. The crypto market reacted positively, with Bitcoin surging 3.5% following the announcement.
Former President of the United States, Donald Trump, also advocated for rate cuts and referred to April 2 as the ‘Liberation Day in America.’ However, analysts pointed out that Bitcoin has to surpass the $85,500 resistance level for it to resume the uptrend.
Moreover, the increase in the M2 money supply can also have an effect on the price of Bitcoin in the future. Experts state that even a slight change in the liquidity level can have a significant impact on the BTC. There has also been a return to inflows in spot Bitcoin ETFs with BlackRock’s Intercontinental BlackRock BITCOIN ETF at the forefront.
Altcoins also surged in tandem with Bitcoin; Ethereum, XRP, Solana, and Dogecoin were up by 4-10%. The market sentiment is strong, and analysts have speculated that Bitcoin could surge to $90,000 by mid-April, which will be a bullish run.
Also Read: Fed Leaves Interest Rate Unchanged: What It Means for Crypto?
