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Bitcoin (BTC) increased by 1.25% on Wednesday. BTC finished the day at $29,937 after gaining 2.06% on Tuesday. For the first time in three sessions, BTC ended the day at $29,000.

BTC dropped to a low of $28,129 in the early afternoon after a volatile morning. BTC climbed to a session high of $29,282 while avoiding the First Major Support Level (S1) at $28,091. Before falling back to close the day at $29,037, BTC briefly crossed the First Major Resistance Level (R1) at $29,078.

Support is provided by the Federal Reserve and the US Banking Crisis

The US Federal Reserve and US economic statistics were the main topics of discussion on Wednesday

Prior to the highly anticipated Fed interest rate decision and press conference, better-than-expected economic indicators tested the willingness of buyers.

In April, the ISM Non-Manufacturing PMI increased from 51.2 to 51.9 compared to a predicted 51.8. In contrast to the 148k prediction, the ADP reported a 296k growth in nonfarm jobs. In March, employment increased by 142k.

The Fed made a less aggressive conclusion about interest rates. After the tenth straight increase in interest rates, members expressed a willingness to consider pressing the pause button.

In contrast to the more dovish tone of the FOMC Statement, Fed Chair Powell expressed doubt at the press conference by saying that it was too early to declare the tightening cycle of monetary policy to be over. The more pessimistic tone was probably influenced by US economic statistics.

The likelihood of a 25-basis point interest rate increase in June increased from 0% to 17.7% on Wednesday, according to the CME FedWatch Tool.

Gains were influenced by the problems facing the US banking industry and US government fighting over the debt limit.

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