{"id":2643,"date":"2022-03-16T09:30:51","date_gmt":"2022-03-16T09:30:51","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=2643"},"modified":"2022-03-16T09:30:51","modified_gmt":"2022-03-16T09:30:51","slug":"bitcoin-calls-traders-bluff-with-fresh-40k-fakeout-as-fed-decision-day-arrives","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2643","title":{"rendered":"Bitcoin calls traders\u2018 bluff with fresh $40K fakeout as Fed decision day arrives"},"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) tested traders\u2018 neves yet again on March 16 as a fresh spike over $40,000 ended in minutes.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Shorts feel the burn after abrupt trip to $41,700<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD suddenly surging to highs of $41,700 on Bitstamp before instantly reversing.<\/p>\n<p>Two hourly candles were all it took for the entire market to rise by $2,000, break significant resistance levels and come all the way back down again.<\/p>\n<p>The move, while recently commonplace, was not without its casualties, as evidenced by liquidations across exchanges. <\/p>\n<p>According to data from on-chain monitoring resource Coinglass, Bitcoin accounted for $98 million of these over the 24 hours at the time of writing. Total crypto liquidations for the period were just over $200 million.<\/p>\n<p><em>Crypto liquidations chart. Source: Coinglass<\/em><\/p>\n<p>While still in the middle of its established trading range, BTC\/USD took out resistance at both $40,000 and $41,000 before the latter strengthened once the pair had deflated.<\/p>\n<p>On March 16, $41,000 remained as the sell-side pressure, but a significant build-up of sellers had yet to reappear at $40,000, as data from Binance\u2018s order book compiled by monitoring resource Material Indicators showed.\u00a0<\/p>\n<p><em>BTC\/USD orderbook chart (Binance). Source: Material Indicators<\/em><\/p>\n<h2>\u201cSnooze party\u201d until Fed rate hike announcement?<\/h2>\n<p>For analysts, meanwhile, the immediate past paled in significance compared with what the immediate future was apt to bring on March 16.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin risks final &#8216;bear market capitulation&#8217; as rich investors continue BTC selloff \u2014 analyst<\/em><\/strong><\/p>\n<p>At 2:00 pm EST, the United States Federal Reserve is primed to reveal moves on interest rates, something many were keenly watching as a potential price paradigm shifter.<\/p>\n<p>For popular trader and analyst Crypto Ed, there was thus nothing to see until the news came.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC update from yesterdays video<br \/>Overshot the red box a bit, but is back in the range.<\/p>\n<p>Back to snooze party till FOMC? <\/p>\n<p>Subscribe here for next video: https:\/\/t.co\/Lb3xLQhOYu pic.twitter.com\/uelS3QPgLv<\/p>\n<p>\u2014 Ed_NL (@Crypto_Ed_NL) March 16, 2022<\/p>\n<p>Twitter account PlanC, meanwhile, argued that the market had already accounted for the expected 0.25% rate hike, but that this would not help macro inflationary forces \u2014 which themselves arguably advertise BTC as a store of value.<\/p>\n<p>\u201cThe FED will raise rates 25 basis points, which is already priced in and will do nothing to stop inflation,\u201d the account summarized.<\/p>\n<p>BTC\/USD traded at around $39,500 at the time of writing, still above March 15\u2018s levels.<\/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-calls-traders-bluff-with-fresh-40k-fakeout-as-fed-decision-day-arrives\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) tested traders\u2018 neves yet again on March 16 as a fresh spike over $40,000 ended in minutes. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Shorts feel the burn after abrupt trip to $41,700 Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD suddenly surging to highs of $41,700 on Bitstamp before instantly reversing. Two [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2643","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\/2643","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=2643"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2643\/revisions"}],"predecessor-version":[{"id":2645,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2643\/revisions\/2645"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2644"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}