Bitcoin’s Price Value Tops $59,000 Even After the Persistent Halting by Fed
The top-ranked digital token Bitcoin (BTC) was able to succeed in surging its position up to a high of $59,000 after posting a significant price increase yesterday. Bitcoin, being the world’s largest cryptocurrency, had surpassed the boundaries of the quoted price at the U.S based Kraken exchange. It continues to dominate the market with its price value trading above $59,000.
According to the current bull cycle charts, Bitcoin has once again entered the $59k – $60k price zone, where it is expected to break this bullish resistance. Apart from its succeeding interest rate, Jerome Powell, a Federal Reserve chairman, halted the further surge in BTC interest rates till 2023, which led to a protesting environmental response from none other than BTC itself.
According to Powell, the U.S economy will be provided with humongous monetary support for the revival of their economic well-being. In his statement, he stated that Fed will be responsible for the entire U.S economic monetary and will provide them with what is best for them. Despite this resistance by the US fed, the price value of the leading cryptocurrency was able to jump higher to get close to the $60,000 mark.
Bitcoin was able to touch the higher grounds of an enormous price range that was $61,800, but due to the investor’s and trader’s selling and profit dynamics, BTC wasn’t able to retain the status and collapsed on the very next day. However, it is once again regaining that very positive momentum.
Peter Brandt, a popular crypto trader, expressed his views about the crypto market of BTC being in an “orderly” position. In his recent tweet, he mentioned further the applauding race of Bitcoin in the current market trend and glorifying the bull charts.
He further clarified the succeeding events of Bitcoin in the past few days and appreciated the fruitful contributive support it is providing to the Bull cycle charts. He always glorified Bitcoin and also stated the event of March 2020 to be a cause of the “black swan” effect.
When Brandt was referring to the bull cycle charts, he also mentioned the bull cycle that started on Dec 15, 2018. With the recent drastic drop from a soaring position of $61,788, Bitcoin tried to further mend its losses earlier this week because of the stubbornness of the Federal service.