Bitcoin erases Fed losses as traders eye $40K BTC price target

cointelegraph.com:

Bitcoin (BTC) returned to near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining almost 8% versus its overnight lows to challenge nine-month highs on Bitstamp.

The pair kept the volatility coming as the dust settled on the prior day's interest rate decision and associated commentary from the Federal Reserve.

Despite Fed Chair Jerome Powell giving mixed signals over how and if rate hikes would continue, crypto market commentators argued that the sudden drop that Bitcoin witnessed had been over-the-top.

"Make sure to remember the panic and calls for lower next time you get a dip during a HTF uptrend," popular trader Crypto Chase wrote in part of Twitter analysis.

Among those now eyeing continuation of the uptrend was Crypto Ed, who saw Bitcoin filling its retracement zone.

Next leg up should start pic.twitter.com/3spyz52ct0

The mood even managed to stay positive despite news that U.S. regulator, the Securities and Exchange Commission (SEC), had begun targeting crypto firms, notably Coinbase, stocks of which fell 20% at the Wall Street open.

Related: Hindenburg Research reports Block short position, claiming fraud facilitation and inflated metrics

The reported arrest of Do Kwon, the founder of Blockchain firm Terraform Labs, responsible for the 2022 Terra LUNA implosion, likewise failed to dampen performance.

"You can try to fade it, but we’re just gonna keep sending from here," fellow trader Kaleo added in the latest of his characteristically bullish BTC price takes, having reiterated that $40,000 was a "magnet" price target.

Bitcoin and cryptocurrencies like Litecoin (LTC) were not the only assets enjoying a rebound