On this fine day, March 20, Bitcoin (BTC) has decided to play the role of a dramatic protagonist, soaring to two-week highs, all thanks to the delightful whispers of a “major update” from the US government regarding its crypto policy. Ah, the sweet scent of speculation! 🍃
Fed’s Powell Injects Relief into Stocks, Crypto
According to the ever-reliable CryptoMoon Markets Pro and TradingView, BTC/USD has reached the dizzying heights of nearly $87,500 on Bitstamp. One might wonder if it’s time to invest in a parachute! 🪂
Currently, Bitcoin is consolidating near $86,000, basking in the afterglow of a rather calm Federal Reserve meeting. The officials, in their infinite wisdom, decided to keep interest rates as they are, perhaps hoping for a miracle to happen by the end of 2025.
Jerome Powell, the Fed Chair, described inflation as having “eased significantly.” One can only imagine the sigh of relief that echoed through the halls of finance. “We do not need to be in a hurry to adjust our policy stance,” he proclaimed, as if he were waiting for the kettle to boil.
This “wait-and-see” approach seemed to soothe the troubled souls of risk assets, with Bitcoin joining the jubilant US stocks in a celebratory surge. The S&P 500, in a fit of enthusiasm, ended up by around 1%, adding a staggering $500 billion in market cap. Who knew waiting could be so profitable? 💰
Arthur Hayes, the former CEO of BitMEX, chimed in, suggesting that the Fed had sent a signal for traders to embrace risk. “JAYPOW delivered, QT basically over Apr 1,” he tweeted, as if he were announcing the arrival of spring.
“Was $BTC $77k the bottom? Probably. But stonks probably have more pain left to fully convert Jay to team Trump, so stay nimble and cashed up.”
Bitcoin Traders Eye US Crypto Announcement
Meanwhile, Bitcoin traders are more concerned about the potential changes in US crypto policy, as rumors swirl that an announcement could grace us on March 21. Oh, the anticipation! 🎭
“This would be his first major update since March 6th, when the national crypto reserve was established,” the ever-astute Kobeissi Letter summarized in an X post. It seems the crypto world is holding its breath, waiting for the next act in this grand play.
“Rumors state President Trump may be making a significant change to his strategy.”
When Trump signed an executive order to create a Strategic Bitcoin Reserve earlier this month, the markets remained surprisingly calm, as if they were sipping tea while the world around them burned. It turned out the plan wouldn’t necessarily involve the US buying BTC. How quaint! ☕
However, with the latest daily close above key resistance trend lines, optimism is making a comeback, like a long-lost friend. “Bitcoin only needs to rally an additional +8% to reclaim the Range above and end this downside deviation,” reported the popular trader and analyst Rekt Capital.
“Is that a lot, considering BTC is up almost +13% since last week’s lows?”
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2025-03-20 10:16