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Tuesday, September 27, 2022

Bitcoin Has Moved Into Its New FOMC Day

The price of Bitcoin tried to claw back the losses on the 27th of July as a macro day of reckoning has arrived for the risk assets.

According to the data received from TradingView and Cointelegraph Markets Pro, there has been confirmation of a 24-hour high for BTC/USD before Wall Street opens on the 27th of July. The exchange had gone below a sum of $21,000 in the very first portion of the week, which heightened the nervousness among the traders who were already wary about the potential headwinds coming in from the United States Federal Reserve.

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The 27th of July was set to open up the Federal Open Markets Committee’s next base rate hike, with the expectations flitting between 75 and 100 basis points in size- but favoring the former quite highly. Both, however, will be held equally unfavorable for cryptocurrencies, as they reflect worries over both inflation, as well as, a willingness to bring the economy much closer to the recession. 

Bitcoin’s Realized Price Hasn’t Seen Much Movement

Several traders have started looking beyond the Fed event to warn that even the recent trip of Bitcoin to multi-week highs might not be enough to change the overall bearish trend. Whaleman, an on-chain monitoring resource did conclude that the rejection for BTC despite the absence of supply for $24k was not a sign of good times. They further stated that neither the TA nor the on-chain volume profile saw this level as resistance with the price bands being realized as the only ones that would hint at a possible rejection.

The combined realized price of Bitcoin sat at a sum of $21,800, as confirmed by data from Glassnode- an analytics firm. A chart that showed the realized price by address- which was a breakdown of at what price different groups of BTC last moved- and further highlighted the relative absence of resistance at the price of $24,280.

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