Bitcoin Erases Fed Losses As Traders Eye $40k BTC Price Target

BTC price snaps back into its uptrend after Bitcoin market nerves over U.S. economic policy fade in line with stocks and gold. Bitcoin returned to near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining almost 8% versus its overnight lows to challenge nine-month highs on Bitstamp. The pair kept the volatility coming as the dust settled on the prior day’s interest rate decision and associated commentary from the Federal Reserve.

Despite Fed Chair Jerome Powell giving mixed signals over how and if rate hikes would continue, crypto market commentators argued that the sudden drop that Bitcoin witnessed had been over-the-top.

“Make sure to remember the panic and calls for lower next time you get a dip during a HTF uptrend,” popular trader Crypto Chase wrote in part of Twitter analysis.

Among those now eyeing the continuation of the uptrend was Crypto Ed, who saw Bitcoin filling its retracement zone.

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Source: Cointelegraph