BTC price gains 12% post-FOMC while Bitcoin ignores $260M ETF outflows

Bitcoin wastes no time liquidating shorts as a BTC price rebound follows the latest Federal Reserve economic policy meeting.

BTC price shoots higher on FOMC outlook

Data from Cointelegraph Markets Pro and TradingView showed consolidation in a narrow range after a dramatic comeback the day prior.

Bitcoin reacted positively to commentary from the United States Federal Reserve as it chose to hold interest rates at current levels.

After the meeting of the Federal Open Market Committee, or FOMC, Fed Chair Jerome Powell suggested that it would be “appropriate” to enact rate cuts later in the year.

“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” an accompanying press release reiterated.

BTC/USD ultimately avoided another retest of $60,000 support, instead marching to $68,000 and fully canceling out its previous losses.