Bitcoin is Likely to Boost as the FED Aims to Loosen Their Inflation Policy

Bitcoin price dropped 1.22% and experienced a quite fluctuation during the speech of the FED chairman yesterday. Bitcoin price failed to downbreak the previous low at $11,123, instead, it found a higher support level at $11,130. There is a clear W pattern that can be seen in the 1H chart above as being considered as a bullish signal for Bitcoin. The new resistance line generated by the previous uptrend line is expected to be tested again soon. Because the FEDs’ new loosen inflation policy provides a reason to boost Bitcoin in price.

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