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Bitcoin reaches $98,000 after the Federal Reserve chooses to maintain steady interest rates in response to political pressure.
The decision underscores macroeconomic concerns, leading to heightened Bitcoin dominance as it asserts its status among cryptoassets.
The immediate market reaction was evident with Bitcoin gaining traction, signaling the crypto's relative resilience. As the leading crypto, its performance marked a significant point in the digital asset landscape.
Historically, Bitcoin price surges have correlated with Federal Reserve actions, particularly when uncertainty loomed. Past instances reveal similar trends during pivotal rate announcements.
Based on historical data, analysts suggest that the current on-chain metrics signal further potential rallies. This assessment is supported by on-chain ratios indicating Bitcoin's looming market influence.
