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Bitcoin showed an incredible reversal today, rising to $43,500. Digital gold is now in the green zone. Due to bitcoin's upward movement, the altcoin market also went up.
Bitcoin has started its rally as the inflation rate in the United States has risen by 7%. Institutional investors are very uncomfortable with inflation, so they start buying Bitcoin in droves.
Investors are concerned that inflation will continue to rise and even the most pessimistic forecasts will seem less daunting as the Fed will be even more aggressive in raising interest rates in 2022.
The Federal Reserve will also tightly regulate the cryptocurrency market. Jerome Powell has already said that Treasury yields are set to rise and this could be the catalyst for a downward move this year.
Many investors this year no longer perceive Bitcoin as a major protective measure against inflation.
For traders, Bitcoin is already a riskier and more volatile asset than ever before. Investors therefore carefully consider all long-term risks and possible outcomes on the global stage when buying bitcoin.
Investors are still hopeful that the Fed will not go ahead and take even more drastic measures to tighten its policy and will not buy up highly volatile assets.
Today's cryptocurrency rally is marked by a breakout of the $42,600 resistance level. The next major resistance level will be at $44,000, and if bitcoin manages to hold at that level, the next one will be at $45,000.
This will be followed by a very important resistance level at the $47,000. However, it is very difficult to make any optimistic outlook yet, as due to the unstable situation in Kazakhstan as well as unpredictable Fed policies, bitcoin could be on a rollercoaster ride.
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