Why is Bitcoin price up today?

Bitcoin, altcoins and stocks rallied after the Federal Reserve launched another interest rate hike from 0, 75%, but is the current bullish momentum sustainable?

Bitcoin price saw a brief rally today, and a market-wide rally in crypto prices suggests that Bitcoin (BTC), Dogecoin (DOGE), and Ether (ETH) may be aiming to start November in the dark.

The Federal Reserve's November 2 announcement of a 0.75 basis point interest rate hike initially had a positive impact on the equity and cryptocurrency markets, which posted marginal gains before Fed Chairman Jerome Powell released comments on the rate hike and the future of the Fed. Politics.

BTC briefly hit a daily high at $20,800 before reversing back to the $20,500 range. As the current price fluctuates, BTC is holding above the psychologically important $20,000 level.

BTC price. Source: Cointelegraph

The 0.75% rise was expected by investors and Powell as well as the Federal Open Market Committee (FOMC) hinted at the continuation of rates while mentioning the potential for a pivot based on the data discussed at the next meeting.

As reported by Cointelegraph, in this scenario Bitcoin and other cryptocurrencies like Ether and DOGE will likely remain highly correlated to US equities and exhibit the same price momentum seen before and after previous rate hike cycles. Bitcoin bulls are already bracing for a post-FOMC win and price rally with