Bitcoin price action is aiming towards $28,500, with “all classes” purchasing BTC, but the chances of the Fed suspending rate rises are dwindling by the hour. As a major Federal Reserve interest rate decision loomed on March 21, Bitcoin surged to fresh nine-month highs.
On Bitstamp, data from Cointelegraph Markets Pro and TradingView showed BTC/USD surpassing $28,500.
The latest in a string of multimonth highs, BTC price movement comes ahead of what looks to be a turbulent day for markets.
On March 22, the Fed will declare how far, if at all, it will raise its benchmark interest rate, with a halt in the rise cycle regarded as a boon-in-waiting for risk assets.
“Heavily curious to watch the result of tomorrow,” Cointelegraph contributor Michaal van de Poppe, founder and CEO of trading business Eight, tweeted.