Bitcoin has reclaimed $98,000 for the first time in almost three months after the US Federal Reserve said it would keep interest rates the same for another month.

The Fed’s decision to keep interest rates unchanged comes despite mounting pressure from US President Donald Trump, who just weeks ago

Bitcoin (BTC) dropped below $97,000 to $95,866 after Powell’s speech, but it shot up to tap $98,000 for the first time since Feb. 21 just hours later. 

Bitcoin momentum has been building, with the Crypto Fear & Greed Index returning to “Greed” territory, and spot Bitcoin exchange-traded funds (ETFs) posting inflows of almost $4.41 billion since March 26.

Related: Bitcoin price rallied 1,550% the last time the ‘BTC risk-off’ metric fell this low

On March 9, network economist Timothy Peterson warned that if the Fed holds off on rate cuts in 2025, it may cause a broader market downturn, potentially dragging Bitcoin back toward $70,000.

Peterson’s forecast came after Powell said in March that “we do not need to be in a hurry and are well-positioned to wait for greater clarity.”

Magazine: Adam Back says Bitcoin price cycle is’ 10x bigger’, has’ empathy’ for ETF buyers

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