Bitcoin Analysis: BTC/USD Wedge Breakout Could Send Price to $55K

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Bitcoin (BTC/USD) rose to its highest levels to date at $52,640 on Wednesday after the minutes from Federal Open Market Committee’s January meeting offered bullish guidance. The Fed officials stated that they intend to keep interest rates near zero and maintain the pace of asset purchases at the rate of $120 billion a month. The central bankers also noted that they would remain dovish until they see “substantial further progress” towards achieving maximum employment and at least a 2 percent inflation, ignoring to provide any further details about their potential hawkishness in the future. Bitcoin corrects lower during the Thursday session. Source: BTCUSD on TradingView.com In Thursday’s trading so far, Bitcoin was consolidating sideways with a short-term bias towards bears. The cryptocurrency experienced a sell-off near its record peak level that had its price slip beneath the $52,000-level. Nevertheless, the intraday decline did little to offset Bitcoin’s long-term bullish bias,…

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