๐ Bitcoin Soars as Fed Meet Fails to Rattle Markets! $104k Party Continues Despite Uncertainty ๐
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Ruh roh…looks like Bitcoin’s got a taste for Fed memes!
After the Federal Reserve announced their decision to keep interest rates status quo, Bitcoin (BTC) quickly took a tumble…but not for long! Our boy BTC reversed course and skyrocketed past $104k, catching salmon and fillingXdai in its fins! ๐ฌ๐ฐ
A-ha! The mighty Bitcoin was joined by its non-crypto friends in the rally, but charts suggest a possible slowdown on the horizon. Don’t worry, though! There’s plenty of buzzword bingo to keep the markets buzzing ๐๐๐
As if stepping into the inimitable entitlement of true market royalty, Bitcoin gallantly pushed against the $104,000 to $106,000 resistance zone ๐ฐ๐ช. No matter the outcome though, there’ll surely be a GIF for it ๐โโ๏ธ๐โโ๏ธ
Despite the push into the rarified air of $104,000 to $106,000, the real treasure remains proving that spot buying isn’t just a Pokรฉmon myth ๐ฆ๐๐. Or an ex-flame! ๐๐
For the most part, the Federal Reserve’s remarks matched the expectations set by eager market participants. As economist Alex Krรผger said, the FOMC’s sentiment was “a bit like a bad dad joke: met the expectations of everyone, found to be good, but you’re not quite sure why.” โ๐
โThe FOMC statement had removed mention of progress towards inflation, generating a bear trap before the conference.โ
Apart from the bear traps, ex-TradFi trader HUF called Powell’s conference a “nothing burger” ๐๐คท
โBit of a nothing burger FOMC press conference. Not dovish, not hawkish. Walking a very diplomatic line, and I think the market was expecting Powell to be more vocal about Fed independence and he clarified that there was nothing hawkish about removing the written language about โinflation making progress.โ Powell didnโt really give anything for bears, and bulls took this as an opportunity to squeeze aggressive shorts.โ
Remember, my friends, this article is just for general Tom & Jerry shenanigans, NOT legal or investment guidance. The views here are the author’s own and don’t represent CryptoMoon’s views (phew, dodged that one)! ๐๐ค
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2025-01-30 00:12