Traders are looking for a market-wide rebound as the Fed has confirmed at least three rate hikes and bond purchases in 2022.
Years of calls for a Bitcoin (BTC) price of $ 100,000 have been shelved since Bitcoin (BTC) hit a new all-time high of $ 69,000, but traders haven’t completely lost their composure yet, God. Currently, most analysts consider the current price zone to be the optimal savings zone.
Markets were a little tighter last week as investors around the world were nervous about today’s meeting of the Federal Reserve’s Open Market Committee, but today confirmed that the Federal Reserve will do so given the market’s volatility last week.
Data from Cointelegraph Marketplaces Pro and TradingView show that the BTC price continues to trade above the $ 47,000 support level, and the price rallied 0.55% to $ 49,000, according to Chairman Powell.
BTC / USDT 4-hour chart. Source: TradingView
Here’s what market analysts expect from the current BTC price as the Fed’s policy intentions for 2022 have been clarified.
There is a solid support base of about $ 46,500.
More detailed analysis of recent price movements is provided by options trader and Twitter user “John Wick”. sent The following chart shows the bullish and bearish reversals that have occurred over the past two weeks.
BTC / USD 4 hours. Source: Twitter
According to Wick, the recent BTC price movement has created “solid underlying support” represented by the yellow horizontal line at $ 46,588, structurally known as “phase 1 base”.
“We can also expect an increase in volatility. The next setup I’m aiming for is upcoming compression. This could happen again like in July, after we use Phase 1 support. The next phase is fire. ”
Volatility is a given
According to independent market analyst Rekt Capital, who tweeted that the market has experienced similar downturns in previous bull markets only to subsequently rebound sharply compared to historical price movements after all-time highs, current market volatility is not a cause for concern. … The fear disappears.
Panic and pessimistic mood about this #BTC now extreme
But there is nothing difficult about this -38% retracement.
Over the years, BTC has dropped 30-40% many times during a bull market.
As a matter of fact, $ BTC -53% removed in May
– Rekt Capital (@rektcapital) December 15, 2021
A trader and Twitter user with the nickname “Crypto Ed_NL” sees a rise in the future, and he is doing it. sent The following chart shows how the price might move over the next few weeks.
BTC / USD 1 hour chart. Source: Twitter
Crypto Ed_NL said
“Expected in the coming hours: 1 more profit in green boxes ahead of the FOMC meeting, the rise after the FOMC meeting, the continuation of the bullish cycle.”
On the subject: Bitcoin struggles to hold on to $ 47,000 as the Fed session intensifies the “extreme” panic in the BTC market.
Echoes of BTC price movement in September
The last angle was given by a crypto investor and Twitter user nicknamed “Crypto Bull God” who sent The chart below compares BTC’s current price action to its September results before it started bullish.
BTC / USD 12-hour chart. Source: Twitter
The analyst said
“I’ve just been looking at this for the past few days. I’m not saying this will happen, but I definitely see similarities to September this year. ”
While no one can know exactly how things will play out in late 2021, the user’s next tweet pointed to a possible sign that BTC could end the year well.
Whales are bought in these areas and are actively entering the markets.