Bitcoin Reaches New 2023 High Following Fed’s Monetary Policy Guidance
Bitcoin Surges to New 2023 High
Bitcoin (BTC) experienced a remarkable surge, reaching a new high for 2023 at $35,717. This surge followed Federal Reserve Chair Powell’s press conference and monetary policy guidance, which hinted at a potential end to rate hikes. As a result, Bitcoin saw a 2.30% increase in value, closing at $35,482 on Wednesday. The positive reaction from Asian markets further contributed to this upward trend.
MicroStrategy’s Q3 Earnings Report
In their Q3 earnings report, MicroStrategy revealed that they currently hold 158,400 BTC, valued at $4.69 billion as of October 31. This substantial holding led to a profit of $934 million for the company, as Bitcoin broke out from sub-$30,000 levels.
Altcoins Gain Momentum
Altcoins such as Near Protocol and Oasis Network also experienced significant gains. Bitcoin and Ethereum both remained above their 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bullish trend in the market.
Bitcoin’s Key Levels
In order for Bitcoin to break the resistance level of $36,400, it needs to return to $36,000. However, if it drops below the support level of $35,265, it could potentially reach the lower support level of $32,436.
Ethereum’s Challenge
Similarly, Ethereum faces a challenge in breaking above its trend line to challenge the resistance level at $1,926. Failure to do so could result in a fall to the support level of $1,805.
Overbought Territory
Both Bitcoin and Ethereum are currently in overbought territory, which may indicate increased seller pressure in the market.
The Conclusion of the Sam Bankman-Fried Trial
The recent conclusion of the Sam Bankman-Fried trial saw the defense arguing his innocence and highlighting plea deals and immunity agreements signed by prosecution witnesses.
Future Market Sentiment
Moving forward, market sentiment could be influenced by activities from the Securities and Exchange Commission (SEC) and news related to Bitcoin-spot and Ethereum-spot Exchange-Traded Funds (ETFs).
This article offers a unique perspective on the recent surge of Bitcoin and its implications for the market. It provides insights into the Q3 earnings report of MicroStrategy and the current trends in altcoins. Additionally, it discusses the key levels for Bitcoin and Ethereum and highlights the conclusion of the Sam Bankman-Fried trial. Looking ahead, it considers future market sentiment and potential factors that may influence it.
