Bitcoin price whipsaws as the Fed signals that interest rates will continue to increase

Bitcoin price whipsaws as the Fed signals that interest rates will continue to increase Bitcoin Bitcoinprice BTC

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Data from TradingView shows that Bitcoin price underwent a bit of a whipsaw in response to the announcement, with the top crypto spiking to an intraday high of $18,377 only to plunge to a low of $17,663 in a matter of hours before bulls bid it back to support above $17,800.

While the market initially responded positively to the announcement from Powell, a more hawkish stance emerged as the Fed chair elaborated on the central banks perspective, which prevented Bitcoin from reaching Poppe’s $18,600 target.

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