Bitcoin Price Prediction as BTC Spikes Up 2% – Here's the Next BTC Target

cryptonews.com:

Bitcoin, the world's most popular cryptocurrency, has recently seen a significant increase in price, rising up by 2%. As a result, investors and traders are eagerly anticipating the next potential target for BTC. The price of Bitcoin has decreased over the course of the day, which is believed to be a result of the FOMC (Federal Open Market Committee) minutes release. 

This information has caused market uncertainty and may have contributed to the drop in BTC prices.

On February 22, the US Federal Reserve released the minutes of its Federal Open Market Committee (FOMC). The FOMC minutes revealed that the Fed intends to raise interest rates for longer than many investors anticipated following the January Consumer Price Index (CPI) report, which showed inflation to be higher than expected, with a 0.5% increase. 

As a result, the Federal Reserve increased the benchmark fed funds rate by 25 basis points. Investors are closely analyzing the minutes of the Federal Reserve as market volatility has increased. 

The crypto market is experiencing a downturn today, with BTC/USD and other cryptocurrencies correcting following the release of the FOMC minutes, which suggests that further interest rate increases may be on the horizon if inflation continues to be strong.

The minutes from the US Federal Reserve meeting revealed that officials are committed to using a more gradual pace of interest rate hikes to address the issue of increasing inflation, which has caused the value of the dollar to rise.

The DXY index, which is a measure of the value of the US dollar relative to a basket of other major currencies, is currently hovering near 104.50 and is moving towards its weekly high. 

There is a strong historical correlation between the movements