Bitcoin Remains Stable Amid Bank of Japan’s Ultra-Easy Policy

• The Bank of Japan (BoJ) decided to keep its ultra-easy policy in place, defying expectations of an interest rate hike.
• Bitcoin (BTC) remained stable at above $21,000 during the saga, with the Japanese Yen and United States Dollar taking a hit.
• Cointelegraph contributor Michaël van de Poppe noted a bearish retest taking place on the United States Dollar Index (DXY).

The saga of the Bank of Japan’s decision to keep an ultra-easy policy in place, defying expectations of an interest rate hike, ruffled feathers in global forex markets on Monday. Despite the market uncertainty, Bitcoin (BTC) held its ground, remaining in a trading zone near two-month highs.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding firm above $21,000 on the day, staying relatively unaffected by the news. ING Bank commented on the decision, saying that “in keeping its key rate and yield curve control policy unchanged at today’s meeting, the Bank of Japan probably wanted to convey a message to the market; don’t fight the BoJ.”

Cointelegraph contributor Michaël van de Poppe also noted a bearish retest taking place on the United States Dollar Index (DXY) following the news. He commented that “another bearish retest taking place on the DXY, in which this one starts to drop substantially, maybe even due to the announcements from the BoJ earlier today.”

The decision from the Bank of Japan caused a stir in the markets, and had a ripple effect on the Japanese Yen and United States Dollar. However, Bitcoin held its own and remained cool amid the uncertainty. While the DXY dropped, BTC/USD remained in a trading zone near two-month highs.

Though it is too early to predict the long-term effects of the Bank of Japan’s decision on the global markets, it is clear that so far, Bitcoin has stayed relatively immune to the volatility. With a bearish retest taking place on the DXY, it remains to be seen what the future holds for the cryptocurrency.