Bitcoin Price Ignores $2.3T Fed Cash as Pundit Warns of ‘Sucker Rally’

Bitcoin (BTC) braved less volatile but choppy trading on April 9 as the United States Federal Reserve flooded markets with trillions in dollars.

Cryptocurrency market daily overview. Source: Coin360

Fed rolls out trillions in loans

Data from Coin360 and Cointelegraph Markets showed BTC/USD still keeping within a tight $400 corridor between $7,100 and $7,410 as the week continued.

A sudden dip to $7,110 formed the most volatile feature of the past 24 hours. At press time, Bitcoin traded at around $7,325.

Bitcoin 1-day price chart. Source: Coin360

The largest cryptocurrency appeared broadly unfazed by the announcement of a fresh stimulus package from the Fed worth $2.3 trillion. 

In a press release, the central bank said that its aim was to “support the economy” as the U.S. coronavirus death toll reached 14,800.

Board Chair Jerome H. Powell said: 

“The Fed’s role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions…