Bitcoin On-Chain Metrics Bullish After Fed Announcement—Santiment
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The on-chain analytics platform tweeted earlier today that the crypto market now has the tools to withstand monetary policy adjustments.
Santiment notes that the recent market reaction to the news is a positive sign, as it indicated that the market had “partially” priced in an FOMC decision change. The platform derived its analysis on data that highlighted discussions around the FOMC and inflation as “reliable price direction shift indicators.”
Before yesterday’s Fed announcement, Santiment had already pointed out a bullish momentum in the market. The company noted in a tweet that there was a noticeable social volume increase in Bitcoin, which was a positive telltale sign of how the market would react.
That said, the 0.25% interest rate increase announcement prompted a jump to the upper-$41K area yesterday. However, at press time, the flagship cryptocurrency trades at $40.8K following a mild correction.
As expected, the rest of the cryptocurrency market replicated the BTC move in varying degrees, helping the entire market valuation to cross the $1.8 trillion mark.
Key Bitcoin Levels to Watch — March 17
BTC has put up a good show in the last 24 hours as the cryptocurrency latches on to
the $41K critical resistance amid an upbeat market mood. The primary cryptocurrency breached the $41K top following a positive reaction to the recent rate increase by the US Fed.
That said, BTC appears to have run out of bullish steam at the previously mentioned level and faces the possibility of a correction back to the $40K support. This correction, if it occurs, would take place between today and Friday and would likely be followed by a rebound to $42K.
Meanwhile, my resistance levels are at $40,100, $42,000, and $43,000, and my key support levels are at $40,000, $39,000, and $38,500.
Total Market Capitalization: $1.83 trillion
Bitcoin Market Capitalization: $757.7 billion
Bitcoin Dominance: 42.4%
Market Rank: #1
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