{"id":14289,"date":"2023-12-02T08:04:25","date_gmt":"2023-12-02T08:04:25","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=14289"},"modified":"2023-12-02T08:04:26","modified_gmt":"2023-12-02T08:04:26","slug":"bitcoin-price-hits-39k-as-powell-stirs-bets-fed-rate-hikes-are-over","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14289","title":{"rendered":"Bitcoin price hits $39K as Powell stirs bets Fed rate hikes are over"},"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) hit $39,000 for the first time since mid-2022 on Dec. 1 as the United States Federal Reserve boosted hopes of policy easing.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Powell: Calling end to hikes would be \u201cpremature\u201d<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView confirmed a new 19-month BTC price high of $39,000 on Bitstamp.<\/p>\n<p>Bitcoin bulls, already in a strong position, beat out resistance as Fed Chair Jerome Powell took to the stage at Spelman College in Atlanta, Georgia for a scheduled appearance.<\/p>\n<p>\u201cThe FOMC is strongly committed to bringing inflation down to 2% over time and to keeping policy restrictive until we\u2019re confident that inflation is on a path to that objective,\u201d he said\u00a0in prepared remarks.<\/p>\n<p>\u201cIt would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease.\u201d<\/p>\n<p>While keeping his tone cautious, Powell appeared to boost risk asset sentiment with his comments on the current state of the U.S. economy and progress toward reducing inflation.<\/p>\n<p>Reacting, financial commentary resource The Kobeissi Letter was among those with a more sober take on what the Fed might do in the future.<\/p>\n<p>\u201cTheir narrative has not changed since last year, but markets continue to call for a Fed pivot,\u201d it wrote in part of a post on X (formerly Twitter).<\/p>\n<p>\u201cAs we have stated before, the Fed would rather spark a mild recession than risk a resurgence of inflation. This means that a long PAUSE is still likely.\u201d<\/p>\n<p>Bitcoin nonetheless took full advantage of the mood, contrasting with a flat reaction to the week\u2019s earlier U.S. macro data prints.<\/p>\n<p>As\u00a0Cointelegraph reported, the next meeting of the Federal Open Market Committee, or FOMC, is due in mid-December, when any changes to interest rates will be announced. Per data from CME Group\u2019s FedWatch Tool, as of Dec. 1, market expectations unilaterally favored a pause in hikes.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<h2>BTC price targets extend beyond $39,000<\/h2>\n<p>Turning to Bitcoin markets, popular trader Daan Crypto Trades revealed the size of the sell-side liquidity involved in the brief trip to $39,000.<\/p>\n<p><strong><em>Related:\u00a0\u2018Buy the rumor, sell the news\u2019 \u2014 Bitcoin ETF may spark TradFi sell-off<\/em><\/strong><\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin That took literally 2 minutes \u2705 https:\/\/t.co\/JOwOVA3U4S pic.twitter.com\/ii8CCoMchW<\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) December 1, 2023<\/p>\n<p>Keith Alan, co-founder of trading resource Material Indicators, meanwhile,\u00a0uploaded a snapshot of BTC\/USDT order book liquidity to X following Powell\u2019s speech.<\/p>\n<p>This showed $39,000 and $39,200 remaining as significant resistance overhead, while the nearest substantial buyer support lay at $38,000.<\/p>\n<p><em>BTC\/USDT order book liquidity data. Source: Keith Alan\/X<\/em><\/p>\n<p>\u201cI strongly believe that today we will finally close above $38K. A daily close above $38K is a powerful signal of a god candle,\u201d fellow popular trader BitQuant forecast earlier on the day.<\/p>\n<p>Daan Crypto Trades added that Bitcoin seemed to be \u201cleaving its previous trading range for the time being,\u201d while Crypto Ed, founder of trading and training group CryptoTA, predicted upside taking Bitcoin to \u201cat least\u201d $39,200 next.<\/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-price-hits-39k-powell-fed-rate-hikes-over\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) hit $39,000 for the first time since mid-2022 on Dec. 1 as the United States Federal Reserve boosted hopes of policy easing. BTC\/USD 1-hour chart. Source: TradingView Powell: Calling end to hikes would be \u201cpremature\u201d Data from Cointelegraph Markets Pro and TradingView confirmed a new 19-month BTC price high of $39,000 on Bitstamp. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14289","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\/14289","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=14289"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14289\/revisions"}],"predecessor-version":[{"id":14291,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14289\/revisions\/14291"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14290"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}