{"id":6484,"date":"2022-08-18T03:39:35","date_gmt":"2022-08-18T03:39:35","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=6484"},"modified":"2022-08-18T03:39:36","modified_gmt":"2022-08-18T03:39:36","slug":"bitcoin-price-dives-pre-fomc-amid-warning-17-6k-low-was-not-the-bottom","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6484","title":{"rendered":"Bitcoin price dives pre-FOMC amid warning $17.6K low was not the bottom"},"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) dropped to weekly lows at the Aug. 17 Wall Street open as upcoming Federal Reserve comments unsettled risk assets.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Dollar climbs as Fed minutes due<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView tracked a more than 2% daily decline in BTC\/USD, which hit $23,325 on Bitstamp.<\/p>\n<p>Already showing signs of weakness, the pair slid further as United States equities began trading, hours before the Federal Open Markets Committee (FOMC) was due to release minutes from its latest meeting.<\/p>\n<p>While not involving a decision on interest rates, the meeting was cued to give an insight into the Fed\u2019s thinking in terms of the next rate tweak due in September.<\/p>\n<p>\u201cThe important event tonight with the FOMC minutes, through which information can be received whether the FED is going to be hawkish or dovish,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe summarized in his latest Twitter update. <\/p>\n<p>\u201cI don&#8217;t think it will have a massive impact, however, crypto tends to give it a ton of value and, therefore, lots of volatility.\u201d<\/p>\n<p>Stocks had hit major resistance in line with crypto during the week, leading some concerned sources to continue to predict a further major retracement across the board.<\/p>\n<p>Justin Bennett, the founder of crypto education platform Crypto Academy, warned that the S&amp;P 500 was copying behavior from immediately prior to the 2008 Global Financial Crisis.<\/p>\n<p>\u201cThis is mind-blowing. The S&amp;P 500 is mimicking the 2008 crash. Even the timing since the ATH is nearly identical,\u201d he commented on a comparative chart. <\/p>\n<p>\u201cThe bottom is NOT in for stocks or crypto.\u201d<\/p>\n<p>A telltale sign on the day came in the form of an advancing U.S. dollar, with the U.S. dollar index (DXY) seeking to attack resistance in place throughout August.<\/p>\n<p>\u201c$DXY could be on its way to 112-113 after the fakeout below 105.50. That&#8217;s going to weigh on stocks and crypto,\u201d Bennett added.<\/p>\n<p><em>U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<h2>Buyers eye lower bids<\/h2>\n<p>On shorter timeframes, the trend on Bitcoin was also rapidly losing steam as bid support inched down the Binance order book.<\/p>\n<p><em><strong>Related:\u00a0Bitcoin price sees firm rejection at $24.5K as traders doubt strength<\/strong><\/em><\/p>\n<p>On-chain monitoring resource Material Indicators captured the action, concluding that \u201ceven if we get another pump, still believe the Bear Market Rally is losing momentum.\u201d<\/p>\n<p>An upside target could come in the form of the 100-day moving average, a separate post explained, lying at $24,544 at the time of writing.<\/p>\n<p>\u201cBeen warning about this breakdown for Bitcoin the past few days,\u201d commentator Matthew Hyland concluded. <\/p>\n<p>\u201cStructure has shifted overall weak recently. Market seemed to have its first signs of life just last week. That seems to be short lived.\u201d<em>BTC\/USD buy and sell levels (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><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-dives-pre-fomc-amid-warning-17-6k-low-was-not-the-bottom\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) dropped to weekly lows at the Aug. 17 Wall Street open as upcoming Federal Reserve comments unsettled risk assets. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar climbs as Fed minutes due Data from Cointelegraph Markets Pro and TradingView tracked a more than 2% daily decline in BTC\/USD, which hit $23,325 on Bitstamp. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-6484","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\/6484","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=6484"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6484\/revisions"}],"predecessor-version":[{"id":6486,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6484\/revisions\/6486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6485"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}