Bitcoin Price at Crossroads: Will It Clear $25k Imbalance?

• Bitcoin recently crossed the $23,000 price target before briefly reaching the $24,000 mark.
• Ethereum also saw a surge in value, almost reaching $1,700.
• On Friday there was some profit booking in Bitcoin and other major altcoins after the interest rate hike by the U.S. Federal Reserve.

Bitcoin Price Midway Between $23,000 and $24,000

Bitcoin recently crossed the $23k price target before briefly reaching the $24k mark and caused excitement throughout the crypto market. However, it dropped back down to hovering between these two levels since then raising questions about its near-term direction and if it can reach the next target of $25k soon.

The Impact of US Federal Reserve Rate Hike

The jump in bitcoin’s value coincided with a broad rally in stocks as well as a drop in U.S Treasury yields and DXY (U.S Dollar Currency Index). Despite this positive trend many investors remained cautious anticipating a pullback before stabilization given that just days prior to this jump US Federal Reserve had raised its benchmark interest rate which was seen by some as a dovish move.

Ethereum Surge Towards$1700

Ethereum also saw an increase in value almost hitting its September high of 1700 dollars but failed to break through that level and could face correction if it stays beneath it for long enough.

Profit Booking After Rate Hike

On Friday there was some profit booking observed on Bitcoin and other major altcoins after US Federal Reserve rate hike due to which bitcoin dropped 2% but still remained above 23k while Ethereum fell more than 2% but held above 1600$. Volumes were flat only slipping 1% close to 61 billion 25 dollars .

Conclusion

The 24k target is deemed quite crucial by analysts as it opens up new possibilities for bitcoin to reach 25k making all eyes stay fixed on this token hoping for another bullish run soon enough!