Last Minute: Bitcoin (BTC) Exceeded This Level Again!

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Bitcoin price, which loosened up to 40,800 levels in 24 hours, turned its direction up again. Bitcoin, which recently exceeded $ 42,000, is now closer to important levels than ever before. How long will this rise last?

Why Is Bitcoin Rising?

Bitcoin, which largely priced the FED’s interest statements, is targeting the region of approximately $ 42,200 for the weekly closing. Minutes ago, the price pinned to $ 42,160 and at the time of writing, it is finding buyers at $ 41,700.

The price had specifically broken the 39,500 level and targeted the 42,200 region. However, for a permanent rise, it can be withdrawn from the region where Bitcoin is located to 39.500 levels. It may be beneficial for investors to be prepared for possible volatility and to take their positions accordingly. There are important developments that may affect Bitcoin in the coming days.

Important Dates For Bitcoin

First of all, we have said before that on February 8 and 9, the USA will hold two important meetings for cryptocurrencies and stablecoins. However, the third stablecoin meeting will be held on February 16. In the third week of February, the FOMC minutes will be published.

In January, we saw how the FOMC minutes drove the price down. Considering that interest rate hikes will start in March, it would not be a prophecy to say that the latest minutes will represent a more hawkish outlook. More importantly, FED officials are expected to test the situation already priced in with a sharp rate hike in March. The meeting minutes are likely to contain these details and we can say that requests above 50 basis points may not be good for BTC, at least in the short term.

Bitcoin, which melted by 50 percent, had already withdrawn with these expectations, and in 2017, we saw a rising BTC price with interest increases. For this reason, the rise is expected to continue in the medium term. However, as we approach the March meeting, short-term new lows can be expected on the Bitcoin side, especially considering the possibility of breaking the support of traditional markets.