Abstract：Bitcoin traders wait and see as BTC hovers prior to fresh Fed cues.
William SubergBitcoin struggles to hold $47K as Fed meeting adds to 'extreme' BTC market panic
Commentators brace FOR upheaval as Fed officials prepare to reveal future financial policy moves.
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Data from Cointelegraph Markets PRO and TradingView showed BTC/USD continuing in a range around $47,000 as Wall St. opened on Dec. 15.
The Federal Open Market Committee (FOMC) will begin discussions at 2 pm Eastern Time, with expectations focusing on interest rates, inflation and asset purchase tapering.
A hawkish stance is foremost in analysts' minds, this potentially causing pain for risk asset holders in the short term should the Fed's approach become less liberal.
“Markets are forward-looking. Crypto is even more so because it's not under anyone's control. It's the only FREE market left in the world,” popular crypto trader Pentoshi summarized in a Twitter discussion on the issue.“The Fed is still adding to it's balance sheet but at a decreased rate. SMART money prepped last month. Slow money this week.”
Traditional markets were similarly directionless, with the S&P 500 down 0.22% on the day.
As Cointelegraph reported, with Bitcoin underperFORMing compaRED to what many assumed Q4 2021 would look LIKE, a consensus is building that 2022 will form the market cycle PEAK for both BTC and altcoins.
“The panic & bearish sentiment towards BTC is extreme right now. But theres nothing extreme about this -38% retrace,” fellow trader and analyst Rekt Capital reiterated.“Over the years, BTC has retraced 30–40% many times in BULL Markets. In fact, $BTC retraced -53% this past May -38% isnt extreme.”
Rekt Capital previously noted that a close above $42,300 still represents a higher low formation for BTC/USD.FEAR is all around
On altcoin markets, the mood was more pronounced in its skew to the downside.
Related: Bitcoin sheds ‘dumb money’ as retail BUYs most BTC since March 2020 crash
DOGEcoin (DOGE), fresh from its Tesla publicity, managed to secure around half of its 25% gains.
“Right now, people are easily selling their BAGS as they are convinced a huge drop will happen tonight,” Cointelegraph contributor Michaël van de Poppe argued.
The Crypto Fear & Greed INDEX stood at 28/100, up from 21/100 on Tuesday, marking a transition from “extreme fear” to “fear” within its own range reflective of Bitcoin's recent moves.
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