Bitcoin (BTC) sought clues from the Federal Reserve Board on December 14, as the market worried about policy news.
BTC highs remain safe
According to data from Cointelegraph Markets Pro and TradingView, when Wall Street opened on December 15, BTC / USD continued to be in the range of around $ 47,000.
The pair hit a bitstamp high of $ 48,785 overnight, but fell 3% at the time of writing prior to the Fed’s main meeting.
The Federal Open Market Committee (FOMC) will begin discussions at 2:00 pm Eastern Standard Time, focusing on interest rates, inflation, and tapering of asset purchases.
The hawkish stance is paramount in the minds of analysts, and if the Fed’s approach loses its freedom, it can hurt risk asset holders in the short term.
“The market is positive, especially because crypto is not under anyone’s control. It’s the only free market left in the world,” said popular crypto trader Pentoshi in a Twitter discussion on this issue. Did.
“The Fed is still adding to its balance sheet, but interest rates are declining. Smart money was prepared last month. It’s slow money this week,” he said.
The traditional market is similarly undirected, with the S & P 500 down 0.22% on the day.
As Cointelegraph reported, Bitcoin performance is low A consensus has been built that 2022 will form the peak of both the BTC and Altcoin market cycles when compared to what many will look like in the fourth quarter of 2021.
“Currently, panic and bearish sentiment towards BTC is extreme, but nothing is extreme about this -38% retrace,” said trader and analyst Rekt Capital. repetition..
“Over the years, BTC has repeatedly gone back 30-40% in the bull market. In fact, $ BTC went back -53% this May-38% is not extreme.”
Former Rekt Capital I got it Closing prices above $ 42,300 represent a low formation of BTC / USD.
Fear is everywhere
In the altcoin market, the downtrend was more pronounced.
Related: Bitcoin sheds “dumb money” as retailers have bought most BTC since the March 2020 crash
Of the top 10 cryptocurrencies by market capitalization, all but Solana (SOL) were in the slightest deficit in the daily time frame.
Newborn from Tesla’s promotion, DOGE was able to secure about half of its 25% profit.
“People are selling bags easily because we are confident that there will be a big dip tonight,” said Cointelegraph contributor Michaelëlvande Poppe. Insisted..
The Crypto Fear & Greed Index rose from 21/100 to 28/100 on Tuesday, showing the transition from “extreme fear” to “fear”. A unique range that reflects the recent movements of Bitcoin.
