It's important to keep an eye on the fundamentals that can influence BTC price action.

Bitcoin price prediction is neutral, as it remains in a narrow trading range of $16,850 to $17,250. Investors are waiting for a solid fundamental reason to trigger a breakout, but once it breaks out of this range, there will likely be an incredible trade opportunity. So, it's important to keep an eye on the fundamentals that can influence BTC price action.

On the day, the total market capitalization of all cryptocurrencies increased by 0.92% to $859.91 billion, with major cryptocurrencies trading primarily in green. Several well-known and well-known cryptocurrencies rose unexpectedly this morning, even as the market continues to deal with the aftermath of the FTX.

The bullish rally, however, could be attributed to Fed Chair Jerome Powell's dovish comments, which suggest the central bank will slow the pace of its interest rate hikes. On the other hand, the weaker US dollar, which recently hit a three-month low, was a significant factor in keeping Bitcoin prices high because BTC has a strong negative correlation with the US Dollar Index.

Cryptocurrency Market Rebound

The FTX company's collapse has recently caused the entire cryptocurrency market to struggle. Since FTX, one of the world's largest cryptocurrency exchanges, filed for bankruptcy and it was revealed that Sam Bankman-Fried, the former CEO, may have been involved in severely fraudulent activities, the cryptocurrency market has been dwindling. Furthermore, BlockFi and other significant cryptocurrency businesses recently declared bankruptcy, further depressing the cryptocurrency market.

Despite this, it was able to reverse its downward trend and make a small recovery on the day. This occurred when the valuations of the two most valuable cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), surpassed $17,000 and $1,200, respectively. Meanwhile, Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) are all on the rise. Notably, the Aptos (APT) token was the top gainer, gaining more than 9.5% in 24 hours.

However, the cryptocurrency market began to recover after Federal Reserve Chair Jerome Powell announced that the central bank's interest rate hike would be halted. The markets are pricing in an 80% chance that the Fed will raise interest rates by 50 basis points at its upcoming meeting versus a 20% chance that rates will rise by another 75 basis points.

Another important factor supporting BTC prices was the weakening of the US dollar, which hit a three-month low. Investors took advantage of unexpectedly positive job data, which was a key factor in limiting the dollar's decline.