Bitcoin climbs above $29,700, but it could be a short squeeze Bitcoinprice BTC crypto
- Crypto prices climbed higher on Wednesday following a bout of volatility brought on by the interest rate hike from the Federal Reserve, which raised the benchmark rate 25 bps to a range of 5.25% to 5.50%, the highest level in 22 years.
Data provided by TradingView shows that Bitcoin’s price whipsawed as the Fed made its announcement, spiking to a high of $29,615 before falling to a low of $29,308. Bulls have since rallied the troops to push BTC higher, with the top crypto hitting a daily high of $29,795 in the late afternoon and looking to extend those gains at the time of writing.
With Bitcoin now climbing higher following the FOMC announcement, Koolen’s bullish scenario looks as though it is playing out. “If this indeed is the manipulation phase, there is a high possibility that we will enter the distribution phase shortly, and the FOMC event may accelerate this process,” he said. “Another reason why I see the likelihood of this pattern playing out is because it has occurred before, not too long ago.”“In the months of May and June, we saw the three phases unfold in the exact same manner, which reinforces my bias,” Koolen said.
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