BTC’s Price Is up as Market Anticipates Fed Interest Rate Hike

The price of the crypto market leader, Bitcoin (BTC), has risen over the last 24 hours according to CoinMarketCap. At press time, BTC is trading at $17,187.00 after a 1.38% increase over the last 24 hours. This has also flipped its weekly performance into the positive as BTC is up 1.14% over the last 7 days now as well.

In related news, Glassnode Alerts, the blockchain intelligence platform, tweeted today that the number of BTC addresses holding one or more bitcoin has reached an all-time high (ATH) of 964,608. This accumulation could be one of the main driving forces in BTC’s positive price movement over the last 24 hours.

The daily trading volume for BTC suggests that a notable part of the accumulation happened in the past day as the volume for the last 24 hours currently stands at $17,487,910,416. This is a 2.21% increase compared to yesterday.

Daily chart for BTC/USDT (Source: CoinMarketCap)

The price of BTC is trading near the 4-hour resistance level at $17,200 after a small pump that saw BTC’s price rise from a low of $17,042.48 to a close at $17,209.83 over the past 12 hours. This pump resulted in BTC’s price now trading above the 4-hour 9 and 20 EMA lines.

The market is waiting in anticipation of the upcoming Federal Reserve announcement regarding the next interest rate hike. Should the hike be lower than 50 basis points, the market will enter into a relief rally.

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