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Bitcoin traders await FOMC, Powell as BTC price hits new 1-month high

Published on

February 14, 2023
Read Time:2 Minute, 16 Second

Bitcoin (BTC) set new one-month highs on the Dec. 14 Wall Road open on the day of key occasions for the US Federal Reserve.

BTC/USD 1-day candle chart (Bitstamp). Supply: TradingView

Bitcoin bullish with Ustocks into FOMC

Information from Cointelegraph Markets Professional and TradingView confirmed BTC/USD hitting $18,126 on Bitstamp, beating the $18,106 excessive from the day prior.

US shares edged larger as markets eagerly awaited suggestions from the Fed after the November Shopper Worth Index (CPI) print confirmed inflation slowing past expectations.

Dec 14 was set to see a call on price hikes for the month from the Federal Open Market Committee (FOMC), along with a speech from Fed Chair Jerome Powell.

The latter occasion tends to spark appreciable volatility, with pundits carefully scrutinizing Powell's language for hints about longer-term financial coverage.

“With FOMC developing right now, we're at a vital stage,” well-liked dealer Crypto Ed summarized in a Twitter thread.

“A sweep of 18.2k liquidity is what everyone seems to be searching for. Max ache can be a godlike pump and leaving everybody behind.”

Crypto Ed nonetheless warned that an upward reversal for the US greenback index (DXY), mixed with a stepwise decline in shares, would scupper Bitcoin bulls' euphoria.

"A decoupling can be good, however unlikely," he added.

US greenback index (DXY) 1-day candle chart. Supply: TradingView

Michaël van de Poppe, founder and CEO of buying and selling agency Eight, was total extra bullish on BTC.

“The markets fell from $20K to $15.6K because of the FTX collapse. We're at present buying and selling at $18K, barely larger than the low in June,” he told Twitter followers in one among a number of posts on the day.

"I perceive the bearish thesis, however that is truthfully an indication of energy for Bitcoin."

Previous to that, Van de Poppe had given upside targets of as much as $18,300, with $17,200 needing to maintain as assist.

$12,000 BTC waits within the wing

Entertaining a bearish finish to occasions, merchants together with Crypto Tony and Il Capo of Crypto went in opposition to the grain on the day.

Associated: Bitcoin bear market 70% dip kills BTC 'vacationers' as metric screams purchase

For Crypto Tony, a visit as low as $10,000 was “not out of the query but,” whereas Il Capo of Crypto produced a frank forecast of an imminent capitulation.

BTC/USD annotated chart. Supply: Il Capo of Crypto/ Twitter

“Easy,” he commented, with a chart giving $12,000 as a assist zone to cushion the autumn.

The views, ideas and opinions expressed listed here are the authors' alone and don't essentially replicate or characterize the views and opinions of Cointelegraph.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 14, 2023
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