{"id":12357,"date":"2023-06-15T09:19:17","date_gmt":"2023-06-15T09:19:17","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12357"},"modified":"2023-06-15T09:19:18","modified_gmt":"2023-06-15T09:19:18","slug":"pick-your-targets-bitcoin-analyst-believes-fed-will-favor-bulls","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12357","title":{"rendered":"\u2018Pick your targets\u2019 \u2014 Bitcoin analyst believes Fed will favor bulls"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) stayed below $25,000 on June 15 after a snap reaction to United States economic policy changes saw three-month lows.<\/p>\n<p><em>BTC\/USD 1-hour candle chart on Bitstamp. Source: TradingView<\/em><\/p>\n<h2>Hawkish Powell \u201call bark, no bite\u201d<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView tracked BTC\/USD as it consolidated after the prior day\u2019s losses totaled over 3%.<\/p>\n<p>The U.S. Federal Reserve had delivered an expected pause in interest rate hikes \u2014 its first since 2021 \u2014 while keeping the mood hawkish. Fed chair Jerome Powell suggested that fresh hikes may be necessary in the future to tame inflation.<\/p>\n<p>\u201cAs I noted earlier, nearly all committee participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year,\u201d he said at a press conference, referencing the views of the Federal Open Market Committee (FOMC). <\/p>\n<p>\u201cBut at this meeting, considering how far and how fast we have moved, we judged it prudent to hold the target range steady to allow the committee to assess additional information and its implications for monetary policy.\u201d<\/p>\n<p>Markets thus placed more than a 70% chance of a hike at the next FOMC meeting in July, as per data from CME Group\u2019s FedWatch Tool on the day.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<p>The mixed signals added\u00a0additional downward pressure to already fragile crypto price performance. <\/p>\n<p>However, not everyone was downbeat about the outlook. Analyzing the Fed event, Keith Alan, a co-founder of monitoring resource Material Indicators, described Powell as \u201call bark, no bite.\u201d<\/p>\n<p>\u201cHe telegraphed super hawkish to tame markets, but executed a super dovish pause,\u201d he told Twitter followers. <\/p>\n<p>\u201cPick your targets.\u201d<\/p>\n<p>An accompanying chart showed major support zones for BTC\/USD that have formed since 2018.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Keith Alan\/Twitter<\/em><\/p>\n<h2>More BTC price volatility to come<\/h2>\n<p>Continuing, other analyses argued that the situation for BTC price action might get more interesting.<\/p>\n<p><strong><em>Related:\u00a0US Bitcoin supply fell over 10% in the past year \u2014 Glassnode<\/em><\/strong><\/p>\n<p>Trading suite DecenTrader noted Bitcoin was approaching an area of leveraged long liquidity.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin is slowly getting closer the the 3x Long Liquidity.<\/p>\n<p>Starts at $23,100. https:\/\/t.co\/PWkS078rnF pic.twitter.com\/b0iPBloAsB<\/p>\n<p>\u2014 Decentrader (@decentrader) June 15, 2023<\/p>\n<p>\u201cAgain: volatility is incoming,\u201d Maartunn, a contributor at on-chain analytics platform CryptoQuant, emphasized on the day.<\/p>\n<p>\u201cWhile the price of bitcoin is going sideways, open interest has increased by 439 million dollars. Different from previous occasions, Funding Rates are trending down, close to neutral. Suggestion longs and shorts are in (almost) in balance).\u201d<em>BTC\/USD exchange data annotated chart. Source: Maartunn\/Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-analyst-believes-fed-will-favor-bulls\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) stayed below $25,000 on June 15 after a snap reaction to United States economic policy changes saw three-month lows. BTC\/USD 1-hour candle chart on Bitstamp. Source: TradingView Hawkish Powell \u201call bark, no bite\u201d Data from Cointelegraph Markets Pro and TradingView tracked BTC\/USD as it consolidated after the prior day\u2019s losses totaled over 3%. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12357"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12357\/revisions"}],"predecessor-version":[{"id":12359,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12357\/revisions\/12359"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12358"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}