Yesterday, the price of Bitcoin came close to $39000. Analysts attribute this growth to the expectations of the FOMC meeting. However, after the meeting, the price began to fall and dropped below $36000. As a result of the FOMC meeting, it was decided to raise the discount rate soon. However, no specific date for the rate hike has been announced. And this means that the US central bank plans to keep the base range of interest rates at the current level at the moment. Also, Fed Chairman Jerome Powell said that the committee intends to raise the rate at the March meeting, if there are suitable conditions for this.
Bitcoin, which almost recovered on Wednesday to $39000 in the spot market, lost $3000 in value in a matter of hours. If, by the end of the first quarter, the regulator raises the discount rate, then investments in the US currency will continue to grow, experts predict.
At the time of publications, the BTC/USD pair is trading in the area of 36700, above the 100 hourly moving average. If the BTC/USD pair continues to decline, it will meet the nearest support in the area of 35700. Strong support is located in the area of 35000. A breakdown of this level will provoke a decline in the price of Bitcoin to the area of 33500.
If the bulls manage to stop the decline in the price of Bitcoin, they will try to return it above the nearest resistance level of 38000. An important resistance level is still located in the area of 38300. An upward break of this level will allow the BTC/USD pair to rise to the area of 39200.
