Bitcoin struggles to hold $ 47,000 USD as Fed meeting adds to ‘extreme’ market panic
Bitcoin (BTC) had reached daily highs of around $ 48,785 USD overnight, but was down 3% at the time of this writing ahead of a key Federal Reserve meeting. Commentators are bracing for turmoil as Fed officials release future measures of US monetary policy.
Bitcoin 1-hour chart (BTC / USD)
Higher Bitcoin lows are reassuring
The Federal Reserve will publish the decision on the interest rate at 2:00 pm EST and the Federal Open Market Committee (FOMC) will begin discussions at 2:30 pm EST, with expectations focused on interest rates, inflation and reducing the purchase of assets.
A hard-line stance is at the forefront of analysts’ minds, which could hurt risky asset holders in the short term if the Fed’s approach becomes less liberal.
“The markets look to the future. Crypto is even more so because it is not under anyone’s control. It is the only free market in the world, ”summarized the famous cryptocurrency trader Pentoshi in a Twitter discussion on the subject.
“The Fed continues to increase its balance sheet, but at a reduced rate. Smart Money was prepared last month. Money is slowing down this week. “
Traditional markets were also without direction, with the S&P 500 falling 0.22% on the day.
As Cointelegraph reported, with Bitcoin underperforming what many thought would be Q4 2021, a consensus is forming that 2022 will be the peak of the market cycle for BTC and altcoins.
“The panic and bearish sentiment towards BTC is extreme right now. But there is nothing extreme about this 38% decline, ”reiterated fellow trader and analyst Rekt Capital.
“Over the years, BTC has declined 30-40% at various times in bull markets. In fact, $ BTC fell -53% last May; 38% is not extreme. “
Rekt Capital previously noted that a close above $ 42,300 always represents a lower formation for BTC / USD.
Fear is everywhere
In the altcoin markets, the mood was more pronounced on its downward bias.
Of the top ten cryptocurrencies by market capitalization, all except Solana (SOL) were slightly in the red in daily time frames.
Fresh off its Tesla announcement, Dogecoin (DOGE) managed to get around half of its 25% profit.
“Right now, people are easily selling their bags because they are convinced that there will be a big crash tonight,” explained Cointelegraph employee Michaël van de Poppe.
The Crypto Fear & Greed Index stood at 28/100, up from 21/100 on Tuesday, marking a transition from “extreme fear” to “fear” in its own range that reflects recent movements in Bitcoin.
Index of fear and greed
Par William Suberg, Cointelegraph
William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He started working with Cointelegraph in October 2013.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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