Bitcoin taps $24,000 for the first time since August 2022

Bitcoin reached $24,260 during the greeting of February 02 (UTC) – marking a 24-week high.

Similarly, the full crypto marketplace headdress touched $1,098.4 billion, a 24-week high.

Approximately 5 hours earlier, the Federal Open Market Committee (FOMC) gathering concluded, announcing a 25 ground point complaint hike successful enactment with marketplace expectations.

Expectations are that the adjacent FOMC meeting, scheduled for March 22, volition reason with different 25 ground constituent hike, starring to a pause successful the schedule, frankincense stabilizing the outgo of borrowing and perchance signaling the commencement of a pivot.

However, per the FOMC statement, the Committee volition proceed monitoring accusation and enactment accordingly to conscionable its goals, chiefly a 2% ostentation rate.

“The Committee would beryllium prepared to set the stance of monetary argumentation arsenic due if risks look that could impede the attainment of the Committee’s goals.”

The Bitcoin communicative has flipped.

In effect to the expected complaint hike, Bitcoin moved higher to grounds a 46% year-to-date gain.

Source: BTCUSDT connected TradingView.com

Since topping retired astatine $24,200, a shooting prima candle has formed connected the regular chart, taking distant astir of today’s gains. This perchance signals a downside determination successful the adjacent term.

Nonetheless, speech from short-term fluctuations successful price, the wide communicative astir cryptocurrencies and risk-on assets, successful general, has flipped, contempt ongoing macro uncertainty.

The Fear and Greed Index presently reads 60 – indicating greed successful capitalist sentiment. Four weeks prior, the scale was astatine 26, hovering conscionable supra utmost fear.

According to Coinglass, crypto shorters were liquidated to the tune of $133.35 cardinal implicit the past 24 hours. The azygous largest liquation was a Bybit Bitcoin shorter, which mislaid $1.69 cardinal successful the trade.

The station Bitcoin taps $24,000 for the archetypal clip since August 2022 appeared archetypal connected CryptoSlate.