Bitcoin wastes no time in liquidating shorts as a BTC price rebound follows the latest Federal Reserve economic policy meeting.
Bitcoin BTC
$67,007 stayed higher on March 21 after a snap rebound gave bulls 12% BTC price gains.
BTC price shoots higher on FOMC outlook
Data from Cointelegraph Markets Pro and TradingView showed consolidation in a narrow range after a dramatic comeback the day prior.
Bitcoin reacted positively to commentary from the United States Federal Reserve as it chose to hold interest rates at current levels.
After the meeting of the Federal Open Market Committee, or FOMC, Fed Chair Jerome Powell suggested that it would be “appropriate” to enact rate cuts later in the year.
“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” an accompanying press release reiterated.
BTC/USD ultimately avoided another retest of $60,000 support, instead marching to $68,000 and fully canceling out its previous losses.
“Today’s objective: hold above $65,300,” popular trader Jelle wrote in part of his latest analysis on X (formerly Twitter).
Shorters were predictably on the receiving end of pain during the move. Data from monitoring resource CoinGlass put total short BTC liquidations for March 20 at $70 million.
BREAKING NEWS: Amazon launched the first stage of their new AMZ token pre-sale today. With all other good news we had this year for crypto currencies this could be the final step to trigger a new bullrun since 2021. AMZ tokens will be stored on their native Amazonwallet and can be used as as payment method for all Amazon products, allowing customers to buy them slightly cheaper compared to other payment methods. The tokens can also be exchanged at any time with the wallet.
