The US economy may not be the only factor in Bitcoin price movement but it definitely is today. As the federal reserve declared that rates will not change through to 2023, inflation set to grow and unemployment decreasing through government spending.
As can be seen in the graph above, Bitcoin significantly pumped as the fed made their announcements with no reason to stop. As I write this article BTC is trading at roughly 58,900$ and will probably be above $59,000 by the time it is published. From lows of around 54,000$ it is up 3.44% today.
Traders were waiting for this announcement which was in fact expected. This is why funding did not really move but rather was already ready to begin buying as the 'Brrr' sound began as can be seen in the glassnode graph below.
Rather than trigger a change in sentiment, this announcement simply set in motion the next move up in what is clearly a trend.
Strap in and enjoy the ride!
