Pacifist but bearish – The price of Bitcoin (BTC) registers further declines, and goes below key levels. Are these drops one-off, or should the markets expect downside pressures over several days?
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Shakes against the backdrop of an FOMC meeting
The price of bitcoin drops to $23,180 on Bitfinex today, August 17, 2022. The cryptocurrency is trading at $23,201 at the time of writing. Its price is currently recording a daily loss of 3.05%.
Traders and analysts blame today’s declines on FOMC intervention. The meeting of the organization does not result in a firm decision on interest rates. However, it does give some clues as to the next rate adjustment, which will be made by the US Federal Reserve (FED).
The trader Michaël van de Poppe speak of one EDF which would be more “pacifist”with an increase of 50 basis points now more likely for next September than the 75 basis points.
Loss of major support for Bitcoin price
Along with these interest rate predictions, Michaël van de Poppe shared a chart, where he shows Bitcoin losing support around $23,600.
He also points out the importance of the $23,000which served as the support the cryptocurrency relied on, to begin its ascent to levels above $25,000.
This $23,000 is also currently close to the 200 week moving average, a critical support that bulls need to defend, hoping to see further upside in the very near term.
Bitcoin price losing bullish momentum
The Material Indicators platform believes that “even if we get another pump,” the rally recently seen during this bear market, “ lose momentum “.
Is the recent run of the bulls already coming to an end? Are buyers already at their wit’s end? Matthew Hyland Analyst noted that “the structure has become globally weak recently”.
Are the old demons indeed back after this umpteenth fall in the price of Bitcoin, which is losing essential supports? The FOMC is blamed for today’s dips, but the next few days will show whether, in fact, the time is right for Bitcoin price to return to levels around $20,000 once again, before to be able to start a bullish recovery towards $30,000.
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