Bitcoin traders who rely on fundamental analysis to guide their positions in the market enjoyed a nice session on March 17 after a couple of positive announcements moved the world's most valuable digital currency token closer towards $60,000, an exchange price that could very well be a new support level for BTC/USD.

The first half of May was largely underscored by volatility and traders who quickly move in to take short-term profits. After a dalliance past $61,000, Bitcoin went through a strong pullback that was mostly dialed in. Quick market corrections of about 10% have come to be expected by day traders who swear by technical analysis, and this was certainly the case on March 16 as BTC was plunging towards the $55K trading range. Bullish traders attempted to guide BTC closer to $57K, but their efforts were quashed by technical traders jumping in and out of positions.

Good news from the United States Federal Reserve Bank were heard on Wednesday morning, and they succeeded in lifting BTC over the $57K level. In essence, the Fed is pleased with the current pace of economic recovery, and this could result in an interest rate increase next year. Rates have been slashed throughout most of the coronavirus pandemic, and there were suggestions that they could stay that way through 2023, but this no longer seems to be the case.

Even better news were issued by investment banking firm Morgan Stanley, which confirmed that it will be launching new mutual funds focusing on giving investors a chance to own instruments equivalent to BTC. This announcement ended up propping BTC even closer to $60K because it involves Wall Street institutional investors, and this could really add volume to the digital currency markets.

When you think of trading with cryptocurrency, you might imagine exchanges and trading platforms providing access to trading with cryptocurrency to the masses, like a stock exchange. This might be appealing; however, the reality is that, for most of us, trading with cryptocurrency is not so appealing because the playing field is highly populated by active traders who ignore fundamental analysis. Nonetheless, March 17 proved to be a pleasant anomaly in this regard.