Optimism returned across the cryptocurrency market on March 17 following a brighter economic forecast from the U.S. Federal Reserve and comments which hinted at the possibility of an interest rate hike in 2022 if employment and economic indicators continue to improve.
Data from Cointelegraph Markets and TradingView shows that Bitcoin struggled below the $57,000 level during early trading hours until the announcement from the U.S. Federal Reserve sparked a rally which took BTC to an intraday high of $58,243.
BTC/USDT 4-hour chart. Source: TradingView
Bullish momentum for the top cryptocurrency began to build after it was revealed that institutional banking giant Morgan Stanley will soon offer certain investors access to three funds that allow clients to own Bitcoin.
Further validation for a continuance of the current bull market came from Bitcoin’s stock-to-flow creator PlanB, who feels that BTC “will not stop” at $100,000 and could reach an average price as high as $288,000 with its all-time high registering even higher.