{"id":15752,"date":"2022-12-14T17:48:33","date_gmt":"2022-12-14T17:48:33","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-await-fomc-powell-as-btc-price-hits-new-1-month-high\/"},"modified":"2022-12-14T17:48:36","modified_gmt":"2022-12-14T17:48:36","slug":"bitcoin-traders-await-fomc-powell-as-btc-price-hits-new-1-month-high","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-traders-await-fomc-powell-as-btc-price-hits-new-1-month-high\/","title":{"rendered":"Bitcoin traders await FOMC, Powell as BTC price hits new 1-month high"},"content":{"rendered":"
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Bitcoin (BTC) set new one-month highs on the Dec. 14 Wall Street open on a day full of key events for the United States Federal Reserve.<\/p>\n

BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin bullish with stocks into FOMC<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hitting $18,126 on Bitstamp, beating the $18,106 high from the day prior. <\/p>\n

U.S. stocks edged higher as markets eagerly awaited feedback from the Fed after the November Consumer Price Index print showed inflation slowing beyond expectations.<\/p>\n

Dec. 14 was set to see a decision on rate hikes for the month from the Federal Open Market Committee (FOMC), together with a speech from Fed Chair Jerome Powell.<\/p>\n

The latter event tends to spark considerable volatility, with pundits closely scrutinizing Powell\u2019s language for hints about longer-term economic policy.<\/p>\n

\u201cWith FOMC coming up today, we\u2019re at a crucial stage,\u201d popular trader Crypto Ed summarized<\/a> in a Twitter thread.<\/p>\n

\u201cA sweep of 18,2k liquidity is what everyone is looking for. Max pain would be a godlike pump and leaving everyone behind.\u201d<\/p><\/blockquote>\n

Crypto Ed nonetheless warned that an upward reversal for the U.S. Dollar Index, combined with a stepwise decline in stocks, would scupper Bitcoin bulls\u2019 euphoria.<\/p>\n

\u201cA decoupling would be nice, but unlikely,\u201d he added.<\/p>\n

\"\"
U.S. Dollar Index 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, was overall more bullish on BTC.<\/p>\n

\u201cThe markets fell from $20K to $15.6K due to the FTX collapse. We\u2019re currently trading at $18K, slightly higher than the low in June,\u201d he told<\/a> Twitter followers in one of several posts. <\/p>\n

\u201cI understand the bearish thesis, but this is honestly a sign of strength for Bitcoin.\u201d<\/p><\/blockquote>\n

Prior to that, Van de Poppe had given<\/a> upside targets of up to $18,300, with $17,200 needing to sustain as support.<\/p>\n

$12,000 BTC waits in the wing<\/h2>\n

Entertaining a bearish end to events, traders including Crypto Tony and Il Capo of Crypto went against the grain. <\/p>\n

Related:\u00a0Bitcoin bear market 70% dip kills BTC \u2018tourists\u2019 as metric screams buy<\/em><\/strong><\/p>\n

For Crypto Tony, a trip<\/a> as low as $10,000 was \u201cnot out of the question yet,\u201d while Il Capo of Crypto produced a frank forecast of an imminent capitulation.<\/p>\n

BTC\/USD annotated chart. Source: Il Capo of Crypto\/ Twitter<\/em><\/figcaption><\/figure>\n

\u201cSimple,\u201d he commented<\/a>\u00a0alongside\u00a0with a chart giving $12,000 as a support zone to cushion the fall.<\/p>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n