Bitcoin (BTC<\/a>) headed to new nine-month highs after the March 21 Wall Street open as a crucial Federal Reserve interest rate decision loomed.<\/p>\n Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD approaching $28,500 on Bitstamp.<\/p>\n The latest in a succession<\/a> of multi-month highs, the latest BTC price action precedes what promises to be a volatile day for markets.<\/p>\n The Fed will announce how far \u2014 if at all \u2014 it will hike its baseline interest rate on March 22, with a pause in the hiking cycle seen as a boon-in-waiting for risk assets.<\/p>\n \u201cHeavily interested to see the outcome of tomorrow,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, wrote<\/a> in part of a Twitter update. <\/p>\n \u201cPotential sweep into the highs, closing CME gap, trapping everyone & creating bearish divergences is an ideal concept. Key zone $28,700.\u201d<\/p><\/blockquote>\n Bitcoin nonetheless produced interesting moves on the day, with the dollar gains coming alongside volatility in overall crypto market cap dominance.<\/p>\n \u201cAltcoins bleeding, while Bitcoin is still consolidating around the highs. Not the signs you’d want to see,\u201d Van de Poppe warned earlier. <\/p>\n \u201cMoney rotating from altcoins towards Bitcoin amid fears for tomorrow’s FOMC meeting. I’d stay relatively calm on positions as well. Obvious opportunities will arise.\u201d<\/p><\/blockquote>\n The subsequent comedown after the Wall Street open was described<\/a> by popular trader Crypto Tony as an \u201cInteresting dump on BTC Dominance creating a spike in Altcoins.\u201d<\/p>\n The mixed signals reflected market ideas for the Federal Open Market Committee (FOMC) meeting. According to CME Group\u2019s FedWatch Tool<\/a>, the majority now foresaw a 25-basis-point rate hike, in contrast to the pause favored previously.<\/p>\n Analyzing trader behavior, meanwhile, on-chain monitoring resource Material Indicators revealed blanket buying on largest global exchange Binance.<\/p>\n Related:\u00a0Will the Fed stop rate hikes? 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n A snapshot of the BTC\/USD order book showed both large-volume and small-volume increasing exposure pre-FOMC.<\/p>\n $28,500 and $29,000 formed the strongest resistance levels at the time of writing, while the nearest significant support was further from spot price at $27,000.<\/p>\n #FireCharts<\/a> shows all classes buying this #BTC<\/a> move. pic.twitter.com\/NjrodLhmCD<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) March 21, 2023<\/a><\/p><\/blockquote>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/fbe0dda9-6025-4d6d-bcf2-8803d80172e6.png\")
Bitcoin price climbs despite conservative Fed view<\/h2>\n
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“All classes” buying BTC<\/h2>\n
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