Bitcoin price slammed below $27K in the wake of the Fed's interest rate hike

Bitcoin price slammed below $27K in the wake of the Fed's interest rate hike Bitcoin BTC Bitcoinprice

- The Federal Reserve hiked interest rates by 25 basis points Wednesday, a move that largely aligned with expectations, sparking a bout of volatility in the crypto market and sending asset prices whipsawing across financial markets.

Data provided by TradingView shows that, after trading near $28,300 during the morning session, Bitcoin spiked to a high of $29,114 shortly before Powell’s presser, and then violently reversed course and plunged below the $28,000 and $27,000 support levels to hit a low of $26,810.Prior to the afternoon’s events, Kitco senior technical analyst Jim Wyckoff wrote that “Prices are in a routine pause after hitting a contract high Monday.

“Currently, BTC has arrived at a strong resistance zone, namely the $28.5-32.5k zone. BTC will not pass through this easily, so this is a logical place for many to secure profits,” the analysts wrote. “Should BTC reject here, chances are we will see a correction towards the old range high. This zone around $25-25.5k will then start serving as support.

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