Bitcoin erases Fed losses as traders eye $40K BTC price target

Bitcoin (BTC) returned to adjacent $29,000 connected March 23 arsenic bulls ignored quality of a caller United States regulatory crackdown.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Bitcoin shrugs disconnected Coinbase, Do Kwon arrest

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining astir 8% versus its overnight lows to situation nine-month highs connected Bitstamp.

The brace kept the volatility coming arsenic the particulate settled connected the anterior day's involvement complaint determination and associated commentary from the Federal Reserve.

Despite Fed Chair Jerome Powell giving mixed signals implicit however and if complaint hikes would continue, crypto marketplace commentators argued that the abrupt driblet that Bitcoin witnessed had been over-the-top.

"Make definite to retrieve the panic and calls for little adjacent clip you get a dip during a HTF uptrend," fashionable trader Crypto Chase wrote successful portion of Twitter analysis.

Among those present eyeing continuation of the uptrend was Crypto Ed, who saw Bitcoin filling its retracement zone.

Next limb up should commencement pic.twitter.com/3spyz52ct0

The temper adjacent managed to enactment affirmative contempt quality that U.S. regulator, the Securities and Exchange Commission (SEC), had begun targeting crypto firms, notably Coinbase, stocks of which fell 20% astatine the Wall Street open.

Related: Hindenburg Research reports Block abbreviated position, claiming fraud facilitation and inflated metrics

The reported arrest of Do Kwon, the laminitis of Blockchain steadfast Terraform Labs, liable for the 2022 Terra LUNA implosion, likewise failed to dampen performance.

"You tin effort to slice it, but we’re conscionable gonna support sending from here," chap trader Kaleo added successful the latest of his characteristically bullish BTC terms takes, having reiterated that $40,000 was a "magnet" terms target.

Risk assets instrumentality with a bang

Bitcoin and cryptocurrencies similar Litecoin (LTC) were not the lone assets enjoying a rebound connected the day.

Related: US enforcement agencies are turning up the vigor connected crypto-related crime

U.S. stocks attempted to cancel retired their ain post-Fed losses, with the S&P 500 up 1.2% connected the time astatine the clip of writing. 

Gold, meanwhile, deed $195.15, gaining an awesome 3.1% versus the regular lows earlier and edging person to a $2,000 rematch.

XAU/USD 1-hour candle chart. Source: TradingView

"We're inactive successful the vacuum of relief, the 'Echo' bubble. The play wherever the imaginable process of pausing hikes remains to beryllium bullish and there's nary wide recession, until world kicks in," Cointelegraph contributor Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, summarized.

Van de Poppe agreed that $40,000 was present a longer-term people for BTC/USD.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.