"There is indeed an increase, but it is very difficult for the price of BTC to break through $38,400."
The price of cryptocurrency king Bitcoin (BTC) on November 28 yesterday once again tried to break through $38,343 when Federal Reserve (Fed) Governor Christopher Waller made dovish comments at an event in Washington.
Waller said that inflation in the United States (US) is already declining, so there is no reason for the Fed to keep interest rates higher which could put pressure on the economy other than seeing the need for a rate cut in the near term.
The streak saw BTC take a positive hit as investors felt more confident about putting their money into riskier assets, commented James Butterfill, head of research at European digital asset manager CoinShares.
This is because Waller, who is a well-known and influential member of the Fed, always followed up with a hawkish tone, also signaling the possibility of interest rate cuts in the coming months.
As such, the cash flowing into the crypto market is seen increasing as most institutional investors start investing in digital assets such as BTC and others shortly after Waller made his comments.
Not only that, investors are also increasingly confident that the Securities and Exchange Commission (SEC) will approve spot BTC ETFs in the near future, thereby giving traditional investors more exposure to other cryptocurrencies.
Looking at the price chart, BTC needs to break through its resistance zone of $38,343 first to continue rising higher but if it fails to maintain its position then the digital asset can fall back to $35,936 or below.
As of this writing, BTC price has surged by 2.18% to $37,995 in the last 24 hours with a market cap of $743 billion then recorded an increase of 5.27% over the last week.
