Bitcoin Struggles to Keep Above $17k as Fed Keeps Interest Rates High

1. Bitcoin’s price has struggled to stay above $17,000, recently dipping below the $16,900 mark. This can be attributed to the Federal Reserve System’s decision to keep interest rates higher.
2. Technical indicators are still positive about Bitcoin’s upcoming performance, with the asset currently trading at a 76% discount from its all-time high of 2021.
3. Bitcoin is currently consolidating, with the coin slipping 0.6% in the last 24 hours. The coin is trading at $16,700 at the moment.

Bitcoin has seen an overall sluggish performance over the course of multiple weeks. The asset’s price has been struggling to stay above $17,000, recently dipping below the $16,900 level. This downward move on the Bitcoin chart has been attributed to the recent Federal Open Market Committee (FOMC) meeting, where the Federal Reserve System decided to stick with higher interest rates for the foreseeable future. This evidently sent ripples through the market, causing participants to react negatively.

The technical outlook of the asset has reflected a fall in accumulation, but indicators are still positive about the Bitcoin price over the upcoming trading sessions. From the daily chart, it can be inferred that BTC will make a recovery in the next trading sessions. Bitcoin continues to hold itself steady above the $16,600 price mark. The asset is currently consolidating, with major altcoins following the same price trajectory. Over the last 24 hours, BTC slipped 0.6%. The Bitcoin price at the moment is trading at a 76% discount from its all-time high of 2021. The market capitalization of Bitcoin decreased slightly, indicating that sellers outnumbered buyers at press time.

On the one-day chart, Bitcoin was trading at $16,700 at the time of writing. The coin recently lost the $16,800 support level; however, this is extremely short-term as BTC will soon initiate recovery on the chart. A slight push from the buyers will help BTC propel itself above $17,000 and continue on its bullish momentum. Although market conditions could remain volatile over the upcoming weeks, Bitcoin is expected to hold itself above the current price level.