Bitcoin (BTC) price action turned bullish on March. 19 as markets grew anxious for the release of the Federal Open Market Committee (FOMC) minutes and a press conference from Federal Reserve Chair Jerome Powell.
BTC/USDT 1-day chart. Source: TradingView
Generally, traders keep a close eye on FOMC minutes, along with Powell’s comments, to obtain direct insights into the Fed’s take on US economic health, along with their plans for monetary policy and interest rates.
In the presser, Powell confirmed that the Fed intends to leave interest rates unchanged, in its target range between 4.25% to 4.5%, where they have been since December 2024.
Although the Fed downgraded its outlook for economic growth and emphasized that tamping inflation remains a sticking point, the Fed’s statements largely aligned with market participants’ expectations.
Crypto and equities traders have also been forecasting the reduction of the Fed’s policy of quantitative tightening (QT), and the