{"id":11086,"date":"2023-03-24T06:42:48","date_gmt":"2023-03-24T06:42:48","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=11086"},"modified":"2023-03-24T06:42:49","modified_gmt":"2023-03-24T06:42:49","slug":"bitcoin-erases-fed-losses-as-traders-eye-40k-btc-price-target","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11086","title":{"rendered":"Bitcoin erases Fed losses as traders eye $40K BTC price target"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) returned to near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bitcoin shrugs off Coinbase, Do Kwon arrest<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD gaining almost 8% versus its overnight lows to challenge nine-month highs on Bitstamp.<\/p>\n<p>The pair kept the volatility coming as the dust settled on the prior day\u2019s interest rate decision and associated commentary from the Federal Reserve.<\/p>\n<p>Despite Fed Chair Jerome Powell giving mixed signals over how and if rate hikes would continue, crypto market commentators argued that the sudden drop that Bitcoin witnessed had been over-the-top.<\/p>\n<p>\u201cMake sure to remember the panic and calls for lower next time you get a dip during a HTF uptrend,\u201d popular trader Crypto Chase wrote in part of Twitter analysis.<\/p>\n<p>Among those now eyeing the continuation of the uptrend was Crypto Ed, who saw Bitcoin filling its retracement zone.<\/p>\n<p lang=\"en\" dir=\"ltr\">Next leg up should start pic.twitter.com\/3spyz52ct0<\/p>\n<p>\u2014 Ed_NL (@Crypto_Ed_NL) March 23, 2023<\/p>\n<p>The mood even managed to stay positive despite news that U.S. regulator the Securities and Exchange Commission had begun targeting crypto firms, notably Coinbase, stocks of which fell 20% at the Wall Street open.<\/p>\n<p><strong><em>Related:\u00a0Hindenburg Research reports Block short position, claiming fraud facilitation and inflated metrics<\/em><\/strong><\/p>\n<p>The reported arrest of Do Kwon, founder of blockchain firm Terraform Labs, responsible for the 2022 Terra implosion, likewise failed to dampen performance.<\/p>\n<p>\u201cYou can try to fade it, but we\u2019re just gonna keep sending from here,\u201d fellow trader Kaleo added in the latest of his characteristically bullish BTC price takes, having reiterated that $40,000 was a \u201cmagnet\u201d price target.<\/p>\n<h2>Risk assets return with a bang<\/h2>\n<p>Bitcoin and cryptocurrencies like Litecoin\u00a0(LTC) were not the only assets enjoying a rebound on the day.<\/p>\n<p><strong><em>Related:\u00a0US enforcement agencies are turning up the heat on crypto-related crime<\/em><\/strong><\/p>\n<p>U.S. stocks attempted to cancel out their own post-Fed losses, with the S&amp;P 500 up 1.2% on the day at the time of writing.\u00a0<\/p>\n<p>Gold, meanwhile, hit $195.15, gaining an impressive 3.1% versus the daily lows before and edging closer to a $2,000 rematch.<\/p>\n<p><em>XAU\/USD 1-hour candle chart. Source: TradingView<\/em><\/p>\n<p>\u201cWe\u2019re still in the vacuum of relief, the \u2018Echo\u2019 bubble. The period where the potential process of pausing hikes remains to be bullish and there\u2019s no clear recession, until reality kicks in,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, summarized. <\/p>\n<p>Van de Poppe agreed that $40,000 was now a longer-term target for BTC\/USD.<\/p>\n<p><em><strong>Magazine:<\/strong><\/em> <strong><em>Best and worst countries for crypto taxes \u2014 Plus crypto tax tips<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-erases-fed-losses-as-traders-eye-40k-btc-price-target\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) returned to near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin shrugs off Coinbase, Do Kwon arrest Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD gaining almost 8% versus its overnight lows to challenge nine-month highs on Bitstamp. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11087,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11086"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11086\/revisions"}],"predecessor-version":[{"id":11088,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11086\/revisions\/11088"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11087"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}