Bitcoin Set to Witness Bull-Run Following Feds’ Announcement

Bitcoin Set to Witness Bull-Run Following Feds’ Announcement

The Federal Reserve Bank of America has announced that it is committing to printing more money in the coming weeks. The information was delivered last week by the Fed Chair, Jerome Powell, in a statement explaining the rut the Covid-19 pandemic has placed the United States’ economy. He added that the second quarter data will be the worst data to be ever recorded in the history of the economy.

To dampen the effect of the pandemic, Powell explained that the Fed will continue to maintain low-interest rates, keep establishing capital facilities, and will keep injecting liquidity into the gears of the global economy.

Market experts believe that this act of printing more money will greatly boost the intrinsic and actual value of Bitcoin. Couple this with the fact that Bitcoin’s inflation rate is set to be slashed in half in a few weeks, and you have a recipe for a bull run of remarkable proportions.

BTCUSD - Daily Chart

Bitcoin Value Forecast —May 5

Bitcoin Major Bias: Bullish

Supply Levels: $9,468, $10,552, and $12,303.

Demand Levels: $8,001, $6,802, and $6,465.

The bullish momentum seen in the price of Bitcoin in the past 24 hours is indicative of the fresh influx of buyers. The oscillator and Moving Averages are proof of this bullish influx.

At the moment, Bitcoin is still trading in a downward moving channel and is faced with a key supply level; $9,468. A clean break above this line could send the price of BTC to the 5-digit region quickly and would take it out of the bearish channel.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

 

 

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