After the price of bitcoin soared to $23400, the "bear market rebound" of bitcoin continued

The Fed's interest rate hike and Jerome Powell's comments boosted risky assets. An analyst believes that the worst period of the Fed's "Hawk" stage has passed.

Bitcoin (BTC) consolidated to July 28 after changes in U.S. monetary policy drove optimism about risky assets.

The Fed's interest rate hike injected new crypto optimism

Data from cointegration markets pro and tradingview showed that bitcoin / dollar climbed to a high of $23452 in bitstamp overnight.

Although this is in line with market forecasts, the currency reacted strongly to the Fed's latest key interest rate hike. The subsequent comments of Federal Reserve Chairman Jerome Powell increased the momentum of the breakthrough.

Gargi Chaudhuri, head of iShares investment strategy at asset management giant BlackRock, said: "I think this has brought some relief to the stock market because the Federal Reserve acknowledges that growth and the economy may be affected according to their policies." America, tell CNBC.

"They realize that there are two aspects to this - there is a growth trade-off to fight inflation. What we hear today is what we haven't heard before."

Cryptocurrency commentators have predicted that the Federal Reserve will find itself in a dilemma, that is, 40 years of high inflation and the risk of recession caused by fighting it.

"Who's doing well here? NASDAQ and cryptocurrency," ALF, founder of macro compass communications, wrote in part of Twitter's summary of events this week.

If the Federal Reserve does not automatically tighten financial conditions, the real yield will actually start to decline again. "

He pointed out that the upcoming interest rate hike was not included in the expectation that it would exceed or even equal to the 75 basis points of interest rate hike in July, which made it "more likely that the hawkish peak of the Federal Reserve has passed".

The daily closing price is $23500

When talking about the price trend of BTC, commentators were cautiously optimistic while waiting for the final volatility to clean up the market.

"There is no hurry for success, but the daily closing price is higher than 23450. I will start looking for a long setting of 26500," crypto Tony, a popular trader and analyst of the day, wrote.

Therefore, bitcoin must level its overnight high and hold them to change the trend.

At the same time, material indicators, an analytical resource on the chain, saw what it described as a "strong bull signal" at the close of each day, which is strengthening the short-term bull market.

"The bear market rebound continues," it concluded in a tweet along with the buying and selling signal chart.

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