FED Support for Bitcoin! Will the Rise in BTC Continue? Analysts Evaluated!

Last night at 21:00 CET, the FED announced its November interest rate decision and left interest rates constant in line with expectations.

Speaking after the interest rate decision, FED President Jerome Powell signaled that the FED may have completed the most aggressive interest rate increase process of the last forty years.

However, Powell stated that interest rate reduction is not on their agenda and stated that they are determined to ensure that inflation reaches the 2% target and that they will proceed cautiously on this path.

At this point, after Powell’s “dovish” statements, the leading cryptocurrency Bitcoin rose to the peak of the last 17 months, reaching the level of $ 35,900.

With Dollar/TL rising above 28.30, BTC rose to 1 Million TL for the first time in TRY parity.

Speaking to Bloomberg, Michael Safai, partner of Dexterity Capital LLC, commented on this rise in Bitcoin.

“The resistance level in BTC has tightened around $35,000.

However, Bitcoin has the necessary and sufficient momentum to rise towards $37,000, with the impact of the news that spot ETF news will be approved.”

Analysts at Grayscale Investments LLC offered a different perspective on the BTC rise, arguing that Bitcoin is on the rise because some people view BTC as “digital gold.”

“Bitcoin’s core use case is as a non-sovereign monetary system and a digital alternative to physical gold. This has driven BTC’s rise,” Grayscale analysts said. said.

Apart from Bitcoin, there were also significant increases in altcoins. At this point, the largest altcoin Ethereum (ETH) rose to $ 1,875, and Solana (SOL), which has been rising steadily in recent days, rose to $ 47.

*This is not investment advice.

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